Trump's Tariff Shake-Up: A Seismic Shift in Global Trade

U.S. customs began enforcing President Trump's 10% tariff on Saturday, with higher rates on goods from 57 trading partners starting soon. This move has significantly impacted global markets, leading to stock declines and trade disruptions as countries move to counter the American tariffs.

Starting Saturday, U.S. customs officials are implementing President Trump's 10% tariff on imports, marking a major pivot from longstanding global trade agreements. This initial baseline, with higher tariffs on goods from 57 major trading partners set for next week, underscores a significant transition in U.S. trade policy.

Kelly Ann Shaw, a trade lawyer and former White House trade adviser, labeled the tariff imposition as the most consequential trade shift of our lifetime. She emphasized its impact on global trading relationships as stock markets witnessed a historic decline following Trump's midweek announcement.

Leaders worldwide are responding with haste. Several nations, including China, have already retaliated with tariffs on U.S. goods. Meanwhile, ongoing discussions with allies like Japan and Taiwan highlight the potential for new deals aimed at mitigating economic disruptions. The exclusion of Canada and Mexico and a list of exempted product categories further complicate the evolving trade landscape.

(With inputs from agencies.)