from Your News:
U.S. customs agents begin enforcing sweeping baseline tariffs on global goods in what officials call a historic trade shift.
By yourNEWS Media Newsroom
U.S. customs officials have begun collecting President Donald Trump’s newly announced 10% baseline tariff on imports from a broad range of countries, marking a pivotal moment in the administration’s trade policy overhaul. The duties took effect at 12:01 a.m. ET Saturday, with a more aggressive round of “reciprocal” tariffs set to follow in the coming days.
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The 10% levies apply to imports from nearly 60 nations, including Australia, the United Kingdom, Colombia, Argentina, Egypt, and Saudi Arabia. These initial tariffs are part of a two-tier strategy that President Trump unveiled on Wednesday, designed to pressure foreign governments to renegotiate trade terms that his administration deems unfair to American producers.
A grace period of 51 days has been granted for cargo that departed foreign ports or airports prior to the tariff’s activation. Those shipments must reach U.S. shores by 12:01 a.m. ET on May 27 to qualify for exemption under the grace provision.
Former White House trade adviser Kelly Ann Shaw described the tariffs as “the single biggest trade action of our lifetime,” underscoring the magnitude of the shift.
The administration plans to escalate the trade action further when the second phase begins at 12:01 a.m. ET on Wednesday. These “reciprocal” tariffs will range from 11% to 50% based on the origin and trade imbalance of the goods. Imports from the European Union will face a 20% duty, while an additional 34% will be levied on Chinese imports, raising the total Trump-era tariff on Chinese goods to 54%.
Vietnam, which faces one of the steepest new tariffs at 46%, has already agreed to engage in negotiations with the Trump administration.
Canada and Mexico remain exempt from the new round of tariffs, but are still subject to an earlier 25% duty imposed in response to the fentanyl trafficking and illegal immigration crises. Exemptions also apply to certain goods already covered by national-security-related tariffs, including steel, aluminum, and the automotive sector.
The financial impact of the tariff announcement has been immediate and severe. Stock markets worldwide experienced a record $5 trillion decline in value over two days following Trump’s announcement. Commodities, including oil, posted steep losses, and investors shifted capital into U.S. government bonds in search of stability.
Originally Posted at https://www.sgtreport.com