US customs agents have begun collecting President Donald Trump’s 10% tariffs on all imports from a number of different countries. Higher levies on goods from almost 60 larger trading partners will come into force next week.
The 10% baseline tariff took effect at 12.01 am ET on Saturday and represents “the single biggest trade action of our lifetime,” according to former White House trade adviser Kelly Ann Shaw.
Among the countries subject to the 10% tariff are Australia, Britain, Colombia, Argentina, Egypt and Saudi Arabia.
A 51-day grace period for cargoes loaded onto vessels or planes and in transit to the U.S. before 12:01 a.m. ET Saturday has been allowed. These cargoes need arrive to by 12:01 a.m. ET on May 27 to avoid the 10% duty.
At 12.01am ET on Wednesday, Trump’s higher “reciprocal” tariff rates, varying from 11% to 50%, will take effect. Imports from the European Union will face a 20% tariff, while Chinese goods will be subject to an additional 34% tariff, bringing the total Trump has imposed on China to 54%.
Canada and Mexico are exempt from Trump’s latest duties because they remain subject to an earlier 25% tariff related to the fentanyl and illegal immigration crises. Trump is also excluding goods subject to separate 25% national-security tariffs, which include steel and aluminum, cars, trucks and auto parts.
The new tariffs are expected to force foreign countries to the negotiating table. Vietnam, which was hit with one of the highest tariff rates—46%—has already agreed to discuss new trade terms with Trump.
Trump’s announcement of the tariffs on Wednesday sent out a global shockwave, causing a record two-day decline in stock-market value of $5 trillion. Prices for oil and commodities plummeted, as investors sought a measure of safety in government bonds.