US President Donald Trump’s widest-ranging tariffs to date have come into effect – a move that may trigger retaliation and escalate trade tensions, upsetting the global economy.
The initial 10 percent “baseline” tariff took effect at United States seaports, airports and customs warehouses at 12:01am ET (04:01am GMT) on Saturday, ushering in Trump’s full rejection of the post-World War II system of mutually agreed tariff rates.
Among countries first hit with the 10 percent tariff are Australia, Britain, Colombia, Argentina, Egypt and Saudi Arabia.
The trade gaps, said the White House, were driven by an “absence of reciprocity” in relationships and other policies like “exorbitant value-added taxes.”
A US Customs and Border Protection bulletin to shippers indicates no grace period for cargoes on the water at midnight on Saturday.
But a US Customs and Border Protection bulletin did provide a 51-day grace period for cargoes loaded onto vessels or planes and in transit to the US before 12:01am ET on Saturday. These cargoes need to arrive by 12:01 am ET (4:01am GMT) on May 27 to avoid the 10 percent duty.
Moreover, on April 9, Trump’s higher “reciprocal” tariff rates of 11 percent to 50 percent are due to take effect. European Union imports will be hit with a 20 percent tariff, while Chinese goods will be hit with a 34 percent tariff, bringing Trump’s total new levies on China to 54 percent.
Vietnam, which benefitted from the shift of US supply…
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