Washington - Saba:
US President Donald Trump's additional 10% tariffs on most products imported into the United States took effect at 4:01 GMT on Saturday morning, in an escalation of Trump's trade war that threatens to have serious repercussions for the global economy.
These tariffs apply to the majority of US imports, in addition to previously imposed tariffs.
However, some products are currently exempt from them, including oil, gas, copper, gold, silver, platinum, palladium, construction lumber, semiconductors, pharmaceuticals, and minerals not available in the US.
These tariffs also do not apply to imported steel, aluminum, and automobiles, which Trump previously imposed 25% tariffs on.
Canada and Mexico are not affected by these new tariffs, as they are subject to separate tariffs of up to 25% on their products.
Dozens of countries around the world face new tariffs starting April 9.
Trump's tariff announcement on Wednesday sent global stock markets into a tailspin, with the Standard & Poor's 500 losing $5 trillion in market value by Friday's close, a record two-day decline.
Oil and commodity prices fell, while investors sought safe havens in government bonds. Among the countries initially required to pay the 10 percent tariff were Australia, the United Kingdom, Colombia, Argentina, Egypt, and Saudi Arabia.
A U.S. Customs and Border Protection bulletin to shippers indicated no grace period for sea shipments at midnight Saturday.
However, the U.S. Customs and Border Protection bulletin granted a 51-day grace period for shipments loaded onto ships or aircraft bound for the United States before 12:01 a.m. EST on Saturday.
These shipments must arrive by 12:01 a.m. EST on May 27 to avoid the 10 percent tariff.
At the same time on Wednesday, Trump's "counter-tariff" tariffs, ranging from 11 percent to 50 percent, are scheduled to take effect. A 20 percent tariff will be imposed on EU imports, while a 34 percent tariff will be imposed on Chinese goods, bringing the total new tariffs imposed by Trump on China to 54 percent.
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