The United States has officially started collecting President Donald Trump’s new 10% tariff on imports. This move marks a serious shift in how America trades with other countries. As of Saturday morning, customs officers at ports, airports, and warehouses have begun collecting the baseline tariff. It’s not just a proposal anymore, this policy is now in full effect. According to customs bulletins, there’s no turning back for goods that arrive after midnight.
The policy was first announced on Wednesday, and by Friday, it had already caused over $5 trillion in losses in the global stock market. The S&P 500, oil, and other commodities crashed, as investors rushed to buy safer assets like government bonds. Trump’s decision has completely thrown out the old global trade rules that were built after World War Two, replacing them with his own aggressive trade strategy.
Global Impact: Countries Hit, Markets Crash, and China Reacts
The 10% tariff is just the beginning. The United States is targeting 57 trading partners, and some countries are already feeling the heat. Australia, Britain, Colombia, Egypt, Argentina, and Saudi Arabia are all among those now paying the new import duty. There is a short 51-day grace period, but only for goods already in transit before the deadline. Any product that lands in the U.S. after May 27 will pay the full tariff, no exceptions.
China, one of the main targets of the tariff war, has already fired back. It slapped a 34% tariff on U.S. goods and placed restrictions on the export of some rare minerals. In response, Trump posted on social media that “China has been hit much harder than the USA, not even close” and called the policy “an economic revolution.” While China says “the market has spoken” in rejecting Trump’s tariffs, the U.S. president seems unbothered. He was later seen at his golf club reading about China’s retaliation and the ongoing market crash.
Countries like Vietnam, Taiwan, Japan, and Israel are scrambling to negotiate. Vietnam, which once benefited from America’s earlier trade war with China, is now facing a 46% tariff and has agreed to meet with Trump. Japan’s Prime Minister wants a phone call with Trump because Japanese goods now carry a 24% duty. Taiwan is being hit with a 32% tariff, and its leaders are holding emergency meetings with tech executives to plan their next steps. Israeli goods will now carry a 17% levy, and Prime Minister Netanyahu is expected at the White House soon.
Exemptions and Political Strategy: What’s Left Out and Why
Not every product is affected. Trump’s team has published a list of over 1,000 categories of goods that will be exempted from the tariffs. These include crude oil, petroleum, energy imports, pharmaceuticals, uranium, titanium, lumber, semiconductors, and copper. These exempted products made up $645 billion worth of imports in 2024 alone. The Trump administration claims these sectors are critical to national security, but many believe the exemptions are politically strategic.
Canada and Mexico are not affected by this new tariff round. They are still dealing with a 25% tariff tied to America’s fight against fentanyl and are protected under U.S.-Mexico-Canada trade rules. Other goods like steel, aluminum, cars, and trucks are already under a separate 25% tariff from earlier national security claims.
Economists are warning that the policy could cause long-term harm. Italy’s economy minister has already spoken out, saying that retaliatory tariffs against the U.S. would only make things worse. But many world leaders feel cornered and are considering countermeasures. The new tariff war is already changing how global trade works.
Tariffs Are In Effect, Trade Norms Shattered
This is no longer about threats or promises. The United States has started collecting the 10% tariff, and higher rates will follow very soon. Trump’s trade policy has already caused massive damage to global markets, and countries are racing to respond. While some are begging for negotiations, others are retaliating. Whether this “economic revolution” ends in America’s favor or not, it’s clear that the old trade system is gone.
