Trump’s 10 percent tariff takes effect, raising fears of global trade war
Al Jazeera
Initial ‘baseline’ tariff comes into effect at US seaports, airports and customs warehouses as stock markets plummet.
US President Donald Trump’s widest-ranging tariffs to date have come into effect – a move that may trigger retaliation and escalate trade tensions, upsetting the global economy.
The initial 10 percent “baseline” tariff took effect at United States seaports, airports and customs warehouses at 12:01am ET (04:01am GMT) on Saturday, ushering in Trump’s full rejection of the post-World War II system of mutually agreed tariff rates.
Among countries first hit with the 10 percent tariff are Australia, Britain, Colombia, Argentina, Egypt and Saudi Arabia.
The trade gaps, said the White House, were driven by an “absence of reciprocity” in relationships and other policies like “exorbitant value-added taxes.”
A US Customs and Border Protection bulletin to shippers indicates no grace period for cargoes on the water at midnight on Saturday.
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