The United States has officially begun collecting a new 10% tariff on all imports, following President Donald Trump’s sweeping trade announcement earlier this week.
According to Naija Blog Daily reports, US Customs agents started enforcing the baseline tariff at seaports, airports, and customs warehouses from 12:01 a.m. ET (0401 GMT) on Saturday, marking a significant break from the post-World War II global trade system based on mutually agreed tariffs.
Additional higher tariffs on imports from 57 major trading partners are set to begin next week, escalating global economic tensions.
NAIJABLOGDAILY.COM
Kelly Ann Shaw, a trade lawyer with Hogan Lovells and former White House trade adviser, called the new tariff regime “the single biggest trade action of our lifetime.” Speaking at the Brookings Institution on Thursday, she noted:
“This is a pretty seismic and significant shift in the way that we trade with every country on earth… I expect these tariffs will evolve as nations come forward to negotiate better deals.”
HEED: Follow us on Instagram or any other social media platform and get the most reliable news directly in your favourite app!
The market reaction was swift and dramatic. The announcement caused a $5 trillion loss in stock value across 500 companies in just two days, a historic drop that shook global financial markets. Oil and commodity prices plunged as investors scrambled for safety in government bonds.
Among the countries first affected by the 10% tariff are Australia, Britain, Colombia, Argentina, Egypt, and Saudi Arabia.
A US Customs and Border Protection (CBP) bulletin revealed there would be no grace period for cargo already in US ports or warehouses by the Saturday deadline. However, a 51-day grace period was granted for goods already in transit—loaded on ships or planes—before the tariff went into effect.
NaijaBlogDaily# is visible on all social media platforms, and we bring you the latest Nigerian news on politics and economy, entertainment, and celebrity updates, including sports across Nigeria and beyond…
Keep visiting and following up with us on any social media platform you are using to keep you updated 💯
Remember (information brings knowledge and power).
STAY TUNED!!!
