Washington: The U.S. customs authorities today began collecting new tariffs of 10% on all imports from several countries, implementing the unilateral decision announced earlier this week by President Donald Trump. This move represents a major shift in U.S. trade policy.
According to Qatar News Agency, the initial 10% tariffs came into effect at various ports, airports, and customs warehouses, marking the Trump administration's complete upending of the global trade system established after World War II. Higher tariffs on goods from 57 major trading partners are scheduled to begin in the coming days.
The first phase of tariffs includes countries such as Australia, the United Kingdom, Colombia, and Argentina, with no grace period for shipments arriving after midnight on Saturday. However, shipments that departed those countries before the deadline will be granted a 51-day grace period, provided they arrive in the United States before May 27.
Kelly Ann Shaw, who served as Deputy Assistant to the President for International Economic Affairs during Trump's first term, described the move as the biggest unilateral trade action she has witnessed. She added that she expects the tariffs to evolve over time as countries seek to negotiate lower rates.
The second phase of the tariff measures is expected to go into effect next Wednesday, when additional tariffs ranging from 11% to 50% will take effect. A 20% tariff will also be imposed on imports from the European Union, and a 34% tariff on goods from China, bringing the total tariff burden on Chinese goods to 54%.
President Trump's announcement of the new tariffs last Wednesday caused significant disruption in global financial markets. Companies listed on the U.S. S and P 500 Index lost nearly $5 trillion in market value in just two days, marking the largest single-day loss ever. Oil and commodity prices also fell, while investors rushed toward government bonds as a safe haven.