US starts collecting Trump’s 10% tariff, smashing global trade norms
On April 5, 2025, the United States initiated the collection of a universal 10% tariff on imports from numerous countries, marking a significant departure from established global trade practices. This action follows President Donald Trump's declaration of a national emergency to address what he termed a "large and persistent U.S. trade deficit," invoking the International Emergency Economic Powers Act (IEEPA) to implement these tariffs. Key Details: Baseline Tariff: A 10% tariff now applies universally to imports from many countries, excluding Canada and Mexico, which are largely exempt under the United States-Mexico-Canada Agreement (USMCA). Higher Tariffs on Specific Countries: Beginning April 9, 2025, elevated tariffs will target 57 major trading partners. For instance, the European Union faces a 20% tariff, China a total of 54%, Japan 24%, and Vietnam 46%. Global Reactions: China's Response: China swiftly imposed retaliatory measures, ...