Trump tariffs live updates: The unilateral 10% tariff on imports takes effect

Key Points

  • US customs officials began collecting a new 10% tariff on imports from many countries on Saturday morning, following President Trump's 'Liberation Day' tariff announcement.
  • The policy shift is described as the "single biggest trade action of our lifetime" by trade lawyer Kelly Ann Shaw, indicating a significant change in global trade dynamics.
  • The tariffs are expected to evolve through negotiations, but initially affect countries like Australia, Britain, Colombia, Argentina, Egypt, and Saudi Arabia, with more countries to follow.
  • Various countries are responding with retaliatory tariffs, and companies are adjusting by raising prices, potentially leading to a domestic manufacturing boom or economic hardship for American consumers and investors.

Summary

The article discusses the implementation of a new 10% tariff on imports from numerous countries by American customs officials, following President Trump's announcement of a 'Liberation Day' tariff policy. This policy, described as the most significant trade action in recent history, has led to immediate reactions from affected countries and businesses. The tariffs, which started affecting countries like Australia, Britain, and others from Saturday, are part of a broader strategy to rebalance trade relations, with more countries expected to face tariffs soon. The policy has caused market turmoil, with the US stock market experiencing its worst week since 2020. Companies are responding by either raising prices or seeking exemptions, while some countries like Canada and China have retaliated with their own tariffs. The economic implications are debated, with potential outcomes ranging from a domestic manufacturing resurgence to increased costs for American consumers and investors. The article also highlights the uncertainty and the potential for a prolonged economic impact, as noted by Federal Reserve Chair Jerome Powell, who mentioned the possibility of persistent inflation due to these tariffs.

yahoo
April 5, 2025
Stocks
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