US starts collecting Trump’s new 10 percent tariff, smashing global trade norms

US starts collecting Trump’s new 10 percent tariff, smashing global trade norms
1 / 3
Short Url
Updated 06 April 2025
Follow

US starts collecting Trump’s new 10 percent tariff, smashing global trade norms

US starts collecting Trump’s new 10 percent tariff, smashing global trade norms
  • Trump’s tariffs impact global markets, causing $5 trillion loss in S&P 500 value
  • Exemptions include crude oil, pharmaceuticals and semiconductors

WASHINGTON/JUPITER, Florida: US customs agents began collecting President Donald Trump’s unilateral 10 percent tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
The initial 10 percent “baseline” tariff paid by US importers took effect at US seaports, airports and customs warehouses at 12:01 a.m. ET (0401 GMT), ushering in Trump’s full rejection of the post-World War Two system of mutually agreed tariff rates.
“This is the single biggest trade action of our lifetime,” said Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser during Trump’s first term.
Shaw told a Brookings Institution event on Thursday that she expected the tariffs to evolve over time as countries seek to negotiate lower rates. “This is a pretty seismic and significant shift in the way that we trade with every country on earth,” she added.






Caption


Trump’s Wednesday tariff announcement shook global stock markets, wiping out $5 trillion in value for S&P 500 index companies by Friday’s close, a record two-day decline. Driven by recession fears, prices for oil and commodities plunged, while investors fled to the safety of government bonds.
Among the countries first hit with the 10 percent tariff were Australia, Britain, Brazil, Colombia, Argentina and Saudi Arabia despite their having goods trade deficits with the US last year. White House officials have said many countries would run larger deficits with the US if their policies were fairer.
A US Customs and Border Protection bulletin provided a 51-day grace period for cargoes loaded or in transit to the US before 12:01 a.m. ET Saturday. These cargoes need to arrive by May 27 to avoid the 10 percent duty.
Trump’s higher “reciprocal” tariff rates of 11 percent to 50 percent are due to take effect on Wednesday at 12:01 a.m. ET. European Union imports will face a 20 percent tariff, while Chinese goods will be hit with a 34 percent tariff, bringing Trump’s total new levies on China to 54 percent.
Beijing on Saturday said, “The market has spoken” in rejecting Trump’s tariffs. China applied a slew of countermeasures, including extra levies of 34 percent on all US goods and export curbs on some rare earth minerals.
“China has been hit much harder than the USA, not even close,” Trump said on Saturday on social media. “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.”
Shortly after posting the comment, Trump was spotted arriving at his Trump National Golf Club in Jupiter, Florida, reading a New York Post article covering China’s retaliation to US tariffs and the stock market fall.

Israel, Taiwan, Vietnam
“A trade war is in no one’s interest. We must stand united and resolute to protect our citizens and our businesses,” French President Emmanuel Macron said in post on X.
Some world leaders hoped to strike a deal with Trump and avert economic fallout while others weighed countermeasures.
Prime Minister Benjamin Netanyahu was expected to visit the White House on Monday, sources said, to discuss the new 17 percent tariff on Israel. Media reported Prime Minister Shigeru Ishiba of Japan, which faces a 24 percent levy, was seeking a telephone conversation with Trump.
Vietnam, which benefited from the shift of US supply chains away from China after Trump’s first-term trade war with Beijing, agreed on Friday to discuss a deal with the US after Trump announced a 46 percent tariff on Vietnamese imports.
The head of Taiwan’s National Security Council was in Washington for talks that were expected to include the tariffs, a source said. Taiwan President Lai Ching-te huddled with tech executives on Saturday to discuss how to respond to the 32 percent duty imposed on its products.
Italian Economy Minister Giancarlo Giorgetti warned on Saturday against imposing retaliatory tariffs on the United States, saying at a business forum near Milan that doing so could cause damage.
US billionaire Elon Musk, a close Trump adviser, told a political event in Italy by video on Saturday that he hoped to see complete freedom of trade between the United States and Europe, which he described as “a zero tariff situation.”
Canada and Mexico were exempt from Trump’s latest duties but still face a 25 percent tariff imposed recently on goods that do not comply with rules of origin under a North America trade accord.
While Trump’s order exempted 1,000 product categories from the new tariffs such pharmaceuticals, uranium and semiconductors, the administration is considering new duties on some of them.


US Treasury secretary says trade war with China is not ‘sustainable’

Updated 6 sec ago
Follow

US Treasury secretary says trade war with China is not ‘sustainable’

US Treasury secretary says trade war with China is not ‘sustainable’
Bessent also cautioned that talks between the United States and China had yet to formally start
“I do say China is going to be a slog in terms of the negotiations,” Bessent said

WASHINGTON: US Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies.
But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States and China had yet to formally start. Trump placed import taxes of 145 percent on China, which has countered with 125 percent tariffs on US goods. Trump has placed tariffs on several dozen countries, causing the stock market to stumble and interest rates to increase on US debt as investors worry about slower economic growth and higher inflationary pressures.
Details of the speech were confirmed by two people familiar with the remarks who insisted on anonymity to discuss them.
“I do say China is going to be a slog in terms of the negotiations,” Bessent said according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.”
The S&P 500 stock index rose after Bloomberg News initially reported Bessent’s remarks.
The Trump administration has met for talks with counterparts from Japan, India, South Korea, the European Union, Canada and Mexico, among other nations. But Trump has shown no public indications that he plans to pullback his baseline 10 percent tariff, even as he has insisted he’s looking for other nations to cut their own import taxes and remove any non-tariff barriers that the administration says have hindered exports from the US
White House press secretary Karoline Leavitt told reporters Tuesday that Trump told her “we’re doing very well” regarding a “potential trade deal with China.”
China on Monday warned other countries against making trade deals with the United States that could negatively impact China.
“China firmly opposes any party reaching a deal at the expense of China’s interests,” China’s Commerce Ministry said in a statement.
Leavitt said the Trump administration has received 18 proposals from other countries for trade deals with the US, adding that “everyone involved wants to see a trade deal happen.”
The uncertainty over tariffs in the financial markets has also been amplified by Trump calling on the Federal Reserve to cut its benchmark interest rate, with the president saying he could fire Fed Chair Jerome Powell if he wanted to do so.
Leavitt said Trump believes the Fed has by holding rates steady as it awaits the impacts of tariffs “in the name of politics, rather in the name of what’s right for the American economy.”

Ukraine ready for direct talks with Russia only after ceasefire: Zelensky

Ukraine ready for direct talks with Russia only after ceasefire: Zelensky
Updated 15 min 40 sec ago
Follow

Ukraine ready for direct talks with Russia only after ceasefire: Zelensky

Ukraine ready for direct talks with Russia only after ceasefire: Zelensky
  • “After the ceasefire, we are ready to sit down in any format,” Zelensky told journalists
  • Kyiv and its allies dismissed the truce as a public relations exercise from Putin

KYIV: Ukraine will only hold direct talks with Russia once a ceasefire is in place, its President Volodymyr Zelensky said Tuesday, as his US counterpart Donald Trump pushed for a speedy deal to end the three-year Ukraine conflict.
“After the ceasefire, we are ready to sit down in any format,” Zelensky told journalists at a briefing a day before key talks in London on a potential Ukraine settlement.
Trump, who promised on the campaign trail to strike a deal between Moscow and Kyiv in 24 hours, has failed since his return to office three months ago to wrangle concessions from Russian President Vladimir Putin to halt his troops’ offensive in Ukraine.
Trump said over the weekend that he hoped a peace deal could be struck “this week” despite no signs the two sides were anywhere close to agreeing even a ceasefire, let alone a wider long-term settlement.
Kremlin spokesman Dmitry Peskov warned Tuesday against rushing into a speedy ceasefire, telling a state TV reporter that the issue was too “complex” for a quick fix.
“It is not worth setting any rigid time frames and trying to get a settlement, a viable settlement, in a short time frame,” he said.
Kremlin aide Yuri Ushakov meanwhile told state media that US presidential envoy Steve Witkoff was expected this week in Moscow, his fourth visit to Russia since Trump took office.
Moscow’s forces occupy around a fifth of Ukrainian territory and tens of thousands of people have been killed since the war started in February 2022.
After rejecting a US-Ukrainian offer for a full and unconditional ceasefire last month, Putin announced a surprise Easter truce over the weekend.
Fighting dipped during the 30-hour period but Russia launched fresh attacks on residential areas on Monday and Tuesday, Ukrainian officials said.
Kyiv and its allies dismissed the truce as a public relations exercise from Putin.
“The Easter truce that he announced somewhat unexpectedly was a marketing operation, a charm operation aimed at preventing President Trump from becoming impatient and angry,” French Foreign Minister Jean-Noel Barrot told FranceInfo radio.
Ukraine’s allies will meet in London on Wednesday, a senior Kyiv official told AFP.
They are expected to discuss the contours of a possible deal they could all get behind.
US Secretary of State Marco Rubio will not attend the London talks due to scheduling issues, a State Department spokeswoman said, adding that US envoy for Ukraine Keith Kellogg would take part.
European leaders are scrambling to work out how to support Ukraine should Trump pull Washington’s vital military and financial backing.
Zelensky said his team’s “first priority” at the London talks would be “an unconditional ceasefire.”
He proposed to Russia on Sunday a halt of missile and drones strikes against civilian facilities for at least 30 days.
While saying he would “analyze” the idea, Putin threw doubt on it 24 hours later by accusing Kyiv of using civilian facilities for military purposes.
He held open the prospect of bilateral talks on the topic, though the Kremlin said there were no fixed plans to engage with Kyiv.
“There are no concrete plans (to talk), there is readiness from Putin to discuss this question,” Peskov said Tuesday.
“If we are talking about civilian infrastructure, then we need to understand, when is it civilian infrastructure and when is it a military target,” he added.
Russia hit a residential area in the eastern Ukrainian city of Myrnograd with drones Tuesday, killing three people and wounding two, local authorities said.
One person was reported dead and 23 wounded after two guided aerial bombs pounded the southern city of Zaporizhzhia, the region’s governor said.
Photos from Ukraine’s emergency services showed the outer walls of an apartment block blown open and a bloodied man tended to by medics on a stretcher, with bandages around his head and arms.
“One guided aerial bomb hit an infrastructure facility, another one hit a densely populated neighborhood, a residential building directly,” Zaporizhzhia Governor Ivan Fedorov said on Telegram.
Russian strikes wounded another six in the southern city of Kherson and seven in Kharkiv in the northeast, officials said.
The Russian army meanwhile claimed to have captured a village in the eastern Donetsk region, where its troops are advancing.
Russia has pressed on with a grinding advance in recent months in southern and eastern Ukraine and recaptured much of Russia’s Kursk region, parts of which Kyiv seized last year and was hoping to use as a bargaining chip.
There were no ongoing discussions on any new US aid packages with the Trump administration, Zelensky said.
In Paris last week, Rubio presented Washington’s plan for ending the conflict, though both he and Trump warned that Washington’s patience was wearing thin and could lead it to withdraw.
Many in Ukraine fear any US-brokered settlement would benefit Russia.


FACTBOX-Major militant attacks in Indian-controlled Kashmir

FACTBOX-Major militant attacks in Indian-controlled Kashmir
Updated 22 April 2025
Follow

FACTBOX-Major militant attacks in Indian-controlled Kashmir

FACTBOX-Major militant attacks in Indian-controlled Kashmir
  • At least 20 people feared dead after suspected militants opened fire on them in Indian controlled Kashmir
  • India and Pakistan, who administer parts of Kashmir but claim it in entirety, have fought two wars over Kashmir 

NEW DELHI, April 22 : At least 20 people were feared dead after suspected militants opened fire on them in India’s Himalayan territory of Jammu and Kashmir on Tuesday, with officials saying it was one of the deadliest such attacks in recent times.

Here is a look at major attacks over the years in India’s only Muslim-majority region, where militants have fought security forces for decades.

NOVEMBER 2024

At least 11 people were injured when militants threw a grenade at security personnel in a crowded flea market in the main city of Srinagar.

OCTOBER 2024

Six migrant workers and a doctor were shot dead by militants who opened fire near a tunnel construction site. The Resistance Front (TRF) claimed responsibility.

JUNE 2024

At least nine people died and 33 were injured when a bus carrying Hindu pilgrims plunged into a deep gorge after a suspected militant attack.

MAY 2024

Suspected militants opened fire on a tourist couple from the northwestern city of Jaipur, injuring them both.

FEBRUARY 2019

At least 44 security personnel were killed after a suicide bomber rammed a car into a bus carrying Indian paramilitary police in Kashmir. The militant group Jaish-e-Mohammed (JeM) claimed responsibility.

JULY 2017

At least seven Hindu pilgrims, on their way back from the revered Amarnath shrine deep in the Himalayas, died when their bus got caught in crossfire after two militant attacks on police in the area.

SEPTEMBER 2016

At least 17 soldiers were killed as separatists armed with AK-47 assault rifles and grenades stormed an army base in Uri near the disputed border with Pakistan.


Pentagon says leak probe may lead to US prosecutions

Pentagon says leak probe may lead to US prosecutions
Updated 22 April 2025
Follow

Pentagon says leak probe may lead to US prosecutions

Pentagon says leak probe may lead to US prosecutions
  • Hegseth left open the possibility that individuals could be exonerated
  • “We said enough is enough. We’re going to launch a leak investigation,” he said

WASHINGTON: US Defense Secretary Pete Hegseth warned on Tuesday of possible prosecutions of former senior advisers who were fired during a probe into leaks of Pentagon information to the media, saying evidence would be handed over to the Department of Justice once the investigation is completed.
Dan Caldwell, who was one of Hegseth’s top advisers, and two other senior officials were fired on Friday after being escorted out of the Pentagon. But they have denied any wrongdoing and said they have been told nothing about any alleged crimes.
Hegseth, who has come under fire for using unclassified messaging system Signal to discuss plans to attack Yemen’s Houthi group, left open the possibility that individuals could be exonerated during the investigation but played down those chances.
“If those people are exonerated, fantastic. We don’t think — based on what we understand — that it’s going to be a good day for a number of those individuals because of what was found in the investigation,” Hegseth told Fox News.
Hegseth said there had been a number of leaks that triggered the investigation, including about military options to ensure US access to the Panama Canal and Elon Musk’s visit to the Pentagon.
“We said enough is enough. We’re going to launch a leak investigation,” Hegseth said.
“We took it seriously. It led to some unfortunate places, people I have known for quite some time. But it’s not my job to protect them. It’s my job to protect national security.”
He said evidence would eventually be handed over to the Department of Justice.
“When that evidence is gathered sufficiently — and this has all happened very quickly — it will be handed over to the DOJ and those people will be prosecuted if necessary,” Hegseth said.
Caldwell had played a critical role as an adviser to Hegseth and his importance was underscored in a leaked text chain on Signal disclosed by The Atlantic last month.
In it, Hegseth named Caldwell as the best staff point of contact for the National Security Council as it prepared for the launch of strikes against the Houthis in Yemen.
On Sunday, news emerged of a second Signal chat, a disclosure that Hegseth and other officials have blamed on former Pentagon employees.
Despite growing calls from Democrats for Hegseth to resign, President Donald Trump has stood firmly by his defense secretary.
John Ullyot, who was ousted from his job as a Pentagon spokesperson after two months, said on Sunday that Hegseth’s Defense Department was in “total chaos.”
“The dysfunction is now a major distraction for the president — who deserves better from his senior leadership,” Ullyot wrote in an opinion piece in Politico.
Asked about Ullyot’s remarks, Hegseth said: “He’s misrepresented a lot of things in the press. It’s unfortunate.”


Ghana in fresh drive to woo back Sahel states to West African bloc

Ghana in fresh drive to woo back Sahel states to West African bloc
Updated 22 April 2025
Follow

Ghana in fresh drive to woo back Sahel states to West African bloc

Ghana in fresh drive to woo back Sahel states to West African bloc
  • John Mahama: ‘The recent decision by Mali, Burkina Faso and Niger to withdraw from ECOWAS is a regrettable development’
  • Burkina Faso, Mali and Niger are led by juntas that seized power in coups between 2020 and 2023

ACCRA: Ghana’s new leader said Tuesday he initiated a fresh bid to woo back Mali, Burkina Faso and Niger to the west African bloc ECOWAS after the junta-led countries quit earlier this year.
President John Mahama said his government had appointed a special envoy to “initiate high-level conversations” with the three countries after their withdrawal from the political and economic group.
“The recent decision by Mali, Burkina Faso and Niger to withdraw from ECOWAS is a regrettable development,” said Mahama at the launch of the bloc’s 50th anniversary celebrations in Accra, Ghana’s capital.
“We must respond not with isolation or recrimination, but with understanding, dialogue and a willingness to listen and to engage,” he said.
Before him, Senegalese President Bassirou Diomaye Faye had initiated similar efforts but said earlier this month he had “done everything possible” to bring the three countries back into the bloc, to no avail.
ECOWAS earlier said it had extended invitations to the junta leaders to attend the event at Accra’s International Conference Center.
Officials acknowledged the presence of representatives of the three countries at the event, but did not specify who they were, with the junta leaders apparently having declined to attend.
Mahama, who took office in January, said he has “prioritized diplomatic re-engagement with our Sahelian neighbors.”
Burkina Faso, Mali and Niger are led by juntas that seized power in coups between 2020 and 2023 and have since turned away from former colonial power France and moved closer to Russia.
They lie in the region known as the Sahel, which stretches between the dry Sahara desert in the north and the more humid savannas to the south.
They quit ECOWAS at the beginning of the year, accusing the regional bloc of being subservient to France.
They have joined together in a bloc called the Alliance of Sahel States (AES), which was originally set up as a defense pact in 2023 but now seeks closer integration.
Each has been wracked by attacks by extremists allied with either Al-Qaeda or Daesh for a decade — violence that governments have not been able to eradicate despite previous help from French forces.
Together the three countries sprawl over an area of some 2.8 million square kilometers (1.1 million square miles) — roughly four times the size of France — in Africa’s northwest.