US starts collecting Trump’s new 10% tariff, smashing global trade norms

David Lawder - The Irish Times - 05/04

Trump’s tariffs impact world markets, causing record $5 trillion loss in S&P 500 value

US customs agents began collecting president Donald Trump’s unilateral 10 per cent tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.

The initial 10 per cent “baseline” tariff took effect at US seaports, airports and customs warehouses at 12.01am ET (5.01am Irish time), ushering in Trump’s full rejection of the post-second World War system of mutually agreed tariff rates.

“This is the single biggest trade action of our lifetime,” said Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser during Trump’s first term.

Shaw told a Brookings Institution event on Thursday that s...
[Short citation of 8% of the original article]

Tags: us-tariffs - donald-trump - us - eu - china - vietnam - canada - mexico - eu-us-trade -

Source and Copyright images and texts: David Lawder - The Irish Times
Original link, read full article here: https://www.irishtimes.com/world/us/2025/04/05/us-starts-collecting-trumps-new-10-tariff-smashing-global-trade-norms/
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