A sweeping 10% tariff imposed by Donald Trump on a wide array of imports officially took effect following two days of market upheaval.
US customs officials began implementing the new duties just at major entry points, such as ports, airports, and bonded warehouses. Starting next week, steeper tariffs will be introduced for 57 major trade allies.
Nations including Australia, the UK, Colombia, Argentina, Egypt, and Saudi Arabia were among the first to be affected. According to a notice from US Customs and Border Protection, there is no exemption for goods already en route unless they were loaded before the deadline. Such shipments have until 27 May to reach American shores in order to avoid the new charge.
A second wave of tariff hikes—ranging from 11% to 50%—is scheduled to come into force on April 9. European Union goods will be taxed at 20%, while Chinese exports will face a 34% levy, pushing the overall tariff rate on China to 54%.
Canada and Mexico remain excluded from these latest tariffs due to their existing 25% duties tied to the fentanyl-related rules under the US-Mexico-Canada Agreement for goods that don’t meet origin standards.
In the, UK ministers have tread carefully, refraining from directly criticising Trump as they pursue a potential trade pact with Washington. Still, preparations for countermeasures are underway, with officials reviewing possible product categories for retaliatory tariffs and consulting industry stakeholders on potential impacts.
Financial markets were rattled by Trump’s move, with global equities shedding an astonishing $5 trillion in value by the close of trading on April 4. Investors also dumped oil and commodity assets, seeking refuge in government securities amid growing uncertainty.