US Customs Agents began collecting the 10% unilateral tariff of President Donald Trump about all imports from many countries on Saturday, with higher levies on the goods of 57 largest commercial partners that will begin next week.
The initial “baseline” tariff of 10% entered into force in the maritime ports, airports and customs of US USA at 12:01 am. Marking the beginning of Trump’s total rejection to the subsequent system of World War II of mutually agreed tariff fees.
“This is the greatest commercial action of our life“said Kelly Ann Shaw, commercial lawyer of Hogan Lovells and former White House commercial advisor during Trump’s first mandate.
Shaw said at an Institution Brookings event on Thursday that he expected tariffs to evolve over time as countries seek to negotiate lower rates. “But this is huge. It is a quite seismic and significant change in the way we trade with all the countries of the planet,” he added.
Wednesday’s Trump tariff announcement shook world stock markets to the core, erasing US $ 5 billion in stock value of the companies of the S&P 500 at the end of Fridaya record drop in two days. Oil prices and raw materials collapsed, while investors fled to public debt security.
Among the first countries affected by the 10% tariff are AustraliaGreat Britain, Colombia, Argentina, Egypt and Saudi Arabia. A Bulletin of the Customs and Border Service of the United States aimed at carriers indicates that there will be no period of grace for shipments that are in the water at midnight on Saturday.
But a Bulletin of the Customs and Border Service of the United States establishes a 51 -day grace period, opens a new tab, for shipments embarked on ships or airplanes and in transit towards the USA before 12:01 am et on Saturday. These cargoes must arrive before 12:01 am et of May 27 to avoid the 10%tariff.
At the same time on Wednesday, the highest “reciprocal” tariff tariffs of Trump will enter into force, from 11% to 50%. The imports of the European Union will be affected by a 20% tariffwhile Chinese products will be affected by a 34%tariff, with what the total of Trump’s new taxes on China will amount to 54%.
Vietnam, which benefited from the displacement of US supply chains outside China after Trump’s first mandate with Beijing, It will be affected by a 46% tariff and accepted on Friday to discuss an agreement with Trump.
Canada and Mexico were exempt from the last Trump tariffs because they are still subject to a 25% tariff related to the fentanyl crisis in the US, for goods that do not comply with the rules of origin between the US, Mexico and Canada.
Trump is excluding goods subject to separate national security tariffs of 25%, including steel and aluminum, cars, trucks and car parts.
His administration also published a list, opens new tab of more than 1,000 categories of tariff exempt products. Valued at US $ 645,000 million in imports of 2024include crude oil, oil derived products and other imports of energy, pharmaceutical products, uranium, titanium, wood and semiconductors and copper. Except in the case of energy, the Trump administration is investigating several of these sectors to impose new national security tariffs.
