From 0:00 on April 5, US time, the US customs force has officially begun collecting the new 10% tax issued by President Donald Trump on all imported goods, Reuters reported.
This is considered a move to end the multilateral tariff system built after World War II, shaking the global trade foundation.
The "basic" tax rate of 10% has been applied at US seaports, airports and customs warehouses. This week, the higher tax rate, ranging from 11% to 50%, will be effective for goods from 57 major trading partners.
According to information from the US Customs and Border Guard, there is no grace period for goods that have boarded ships or planets after 0:00 on the morning of April 5. However, some goods transported before this time will be exempt from tax if they arrive at the port before 0:00 on the morning of May 27, provided that the goods have departed on time.
In the first phase of the tax, countries such as Australia, the UK, Colombia, Argentina, Egypt and Saudi Arabia were directly affected. Higher taxes expected to be applied in the future: Goods from the European Union will be taxed at 20%, China 34%, bringing the total new tax rate for China to 54%.
Meanwhile, Canada and Mexico are exempt from new tariffs because they are still subject to a 25% tax rate related to the fentanyl crisis and regulations on the origin of goods under the tripartite agreement.
The Trump administration's tax-free list includes more than 1,000 products, equivalent to $645 billion in import value in 2024. Tax-exempt items include crude oil, petroleum products, energy, pharmaceuticals, uranium, titanium, wood, semiconductors and copper. In addition to energy, the Trump administration is still investigating many of these areas to consider applying tariffs based on national security grounds.
This new tax has caused a sharp decline in the world stock market. In just two days, the value of S&P 500 companies has evaporated to $5,000 billion. Oil and commodity prices fell sharply, while investors rushed to government bonds to hedge against risks.
Experts say this is a major turning point in global trade policy. Commercial lawyer Kelly Ann Shaw called it the biggest single act of our lifetime.
