The United States begins to charge its 10% “benchmark” global tariffs in many countries – Countries
U.S. Customs agents charged unilateral tariffs from President Donald Trump on Saturday from all imports in many countries, with higher taxes on goods from 57 larger trading partners starting next week.
The initial 10% “benchmark” tariffs that U.S. importers are expected to pay come into effect at 12:01 a.m. ET (0401 GMT) at U.S. seaports, airports and customs warehouses, which has caused Trump to completely reject the two marriage wars of the two post-marriage war system.
“This is the biggest trade action in our lives,” Kelly Ann Shaw, a trade attorney for Hogan Lovells, said during Trump’s first term.
Shaw told Brookings agency activity Thursday that she expects tariffs to develop over time as countries seek to negotiate lower interest rates. “But it's huge. It's a pretty big and significant shift in the way we trade with every country on the planet,” she added.
Trump's tariff announcement on Wednesday rocked global stock markets, ending Friday, slashing the $5 trillion stock market value of SPX's 500-year-old SPX, a record two-day decline. Oil and commodities prices plummeted, while investors fled the security of government bonds.
Of these 10% of the countries, 10% include Australia, the United Kingdom, Colombia, Argentina, Egypt and Saudi Arabia. U.S. Customs and Border Protection Announcement to shippers indicate that there is no grace period for water goods on Saturday midnight.
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However, the U.S. Customs and Border Protection Notice does provide a 51-day grace period for cargo loaded onto a vessel or aircraft and for cargoes before 12:01 a.m. ET on Saturday. These goods need to arrive by 12:01 am on May 27 to avoid 10% of the responsibility.
Trump's higher “countdown” tariff rate was 11% to 50% in the same hour Wednesday. EU import tax rates will be subject to a 20% tariff, while Chinese goods will be subject to a 34% tariff, which will bring Trump's new tax on China to 54%.
Beijing said on Saturday that the “market has said” that it has attacked Washington with a large number of countermeasures, including additional taxes on all U.S. goods and restrictions on exports on certain rare earth minerals, after rejecting Trump's tariff attacks.
“China's strike is much harder than the United States,” Trump said on social media on Saturday. “It's an economic revolution and we'll win. Be strong, it's not easy, but the end result will be historic.”
Shortly after commenting, Trump was found to arrive at his Trump National Golf Club in Jupiter, Florida, to read an article from The New York Post involving China’s retaliation against Trump’s tariffs and the “collapse” of the stock market.
Some world leaders acted quickly to reach a deal with Trump to avoid economic damage, while others weighed the countermeasures.
Israeli Prime Minister Benjamin Netanyahu is expected to visit the White House on Monday as unspecified goods face 17% tariffs under new policies, sources said. Japanese Prime Minister Shigeru Ishiba is reportedly seeking a phone conversation with Trump. Tokyo faces a 24% tax.
The U.S. supply chains have benefited greatly from shifting from China after Trump’s first trade war with Beijing, with Vietnam to be hit by 46% tariffs and agreed to discuss a deal with Trump on Friday.
Sources said the head of Taiwan’s National Security Council held talks with the Trump administration in Washington, which are expected to include tariffs. Taiwan President Lai Ching-te huddled with tech executives on Saturday to discuss how to deal with the 32% responsibilities facing its products.
Italian Economy Minister Giancarlo Giorgetti warned on Saturday that retaliatory tariffs were imposed in the United States and said at a business forum near Milan that doing so could cause damage.
Canada and Mexico are exempt from two of Trump's latest responsibilities as they still suffer 25% tariffs on goods related to the U.S. fentanyl crisis, which do not comply with the U.S.-Mexico-Canada Rules of Origin.
Trump ruled out 25% of national security tariffs, including steel and aluminum, cars, trucks and auto parts.
His government has also released a list of over 1,000 product categories that are exempt from tariffs. Imports in 2024 are US$645 billion, including imports of crude oil, petroleum products and other energy sources, pharmaceuticals, uranium, titanium, wood and semiconductors, and copper. In addition to energy, the Trump administration is investigating several of these departments in search of further national security tariffs.
– Reported by David Lawder of Washington and Trevor Hunnicutt of Jupiter, Florida; Editor of Diane Craft
