Hey everyone! In a surprising twist, U.S. customs agents have begun collecting Trump's unilateral 10% tariff on imports from multiple countries. This bold move kicked off just after midnight ET, marking a major departure from the post-WWII trade norms. Trade expert Kelly Ann Shaw even called it "the single biggest trade action of our lifetime." 😮
The initial 10% duty is only the beginning. Higher tariffs—from 11% up to 50%—are set to hit imports from 57 key trading partners soon. For example, goods from the European Union will face a 20% tariff, while those from the Chinese mainland are saddled with a 34% tariff, pushing their total levy to 54%.
Global markets have already felt the shock, with a record two-day plunge wiping out $5 trillion in value from the S&P 500. Leaders around the world, including French President Emmanuel Macron and representatives from Israel, Japan, and Vietnam, are urging calm and dialogue as the situation evolves. 📉
For our tech-savvy and socially conscious readers, this development might eventually affect everything from your favorite gadgets to everyday essentials. With global supply chains in flux, it’s a reminder of how interconnected our world really is. Stay tuned as governments and businesses navigate this seismic shift in trade policy. 🤔
Reference(s):
U.S. starts collecting Trump's 10% tariff, upending global trade
cgtn.com
