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US customs officials began collecting a sweeping new 10% tariff on Saturday, following the latest American trade policy enactment made by President Donald Trump on April 2. The 10% baseline tariff, which came into force at 12:01 AM ET on April 5, applies to all imports from most countries, with significantly higher levies on goods from 57 trading partners.  According to Reuters, customs agents at US ports, airports, and bonded warehouses began enforcing the duty at the stroke of midnight, with no grace period for new shipments. “This is the single biggest trade action of our lifetime,” said Kelly Ann Shaw, a former White House trade adviser and current trade attorney at Hogan Lovells. Speaking at a Brookings Institution event days before the tariffs took effect, Shaw predicted that countries would be forced to negotiate new trade terms over time.  “This is a pretty seismic and significant shift in the way that we trade with every country on earth,” she said. Global market prepare for trade levies The initial wave of 10% tariffs hits a wide range of countries, including Australia, Britain, Colombia, Argentina, Egypt, and Saudi Arabia. A Customs and Border Protection bulletin issued to importers confirmed that cargo already in transit before the deadline will be granted a 51-day grace period, allowing it to enter the US without the new duties, so long as it arrives by 12:01 AM ET on May 27. The impact of the policy is expected to escalate further next Wednesday, when the Trump administration’s alleged “reciprocal” tariff rates are scheduled to take effect. These range from 11% to as high as 50%, spanning across US trading partners based on what the administration calls unfair trade practices or unbalanced trade relationships. European Union imports will face a 20% tariff under the new structure, and…

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Filed under: News - @ April 5, 2025 10:23 am