US President Donald Trump’s far-reaching tariffs have now taken effect, potentially causing retaliation and escalating trade tensions that could negatively impact the global economy. The initial 10 percent “baseline” tariff has been implemented at US seaports, airports, and customs warehouses, marking a rejection of the post-World War II system of mutually agreed tariff rates. Countries such as Australia, Britain, Colombia, Argentina, Egypt, and Saudi Arabia are among those hit with this 10 percent tariff. The White House claims that the trade gaps are driven by a lack of reciprocity and other policies like “exorbitant value-added taxes.” Although there is no grace period for cargoes on the water at midnight on Saturday, a 51-day grace period has been provided 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.

Source: https://www.aljazeera.com/news/2025/4/5/trumps-10-percent-tariff-takes-effect-raising-fears-of-global-trade-war?traffic_source=rss