New tariffs take effect: US starts collecting 10% duty on imported goods
Source: Scripps News
Posted 7:55 AM, Apr 05, 2025
Some of the tariffs announced by President Donald Trump on Wednesday went into effect on Saturday morning, prompting angst among investors worldwide. Saturday morning marked the start of the U.S. collecting a 10% tariff on virtually all goods being shipped to the country. On April 9, the U.S. will begin collecting additional tariffs from dozens of countries that President Trump has labeled as "reciprocal."
In reality, the "reciprocal" tariffs that will go into effect on April 9 target countries with which the U.S. has a trade deficit. In other words, these countries sell more goods to the U.S. than they purchase from it. Some of the impact of the newly implemented tariffs may not be immediately felt. Customs and Border Protection issued a bulletin stating that vessels en route to the U.S. prior to President Trump's announcement are exempt from paying tariffs upon arrival.
Despite the U.S. labor force adding 45 million workers since 1990, the manufacturing industry has shrunk from nearly 18 million workers in 1990 to under 13 million workers at the start of 2025. The U.S. manufacturing sector plummeted in the 2000s and has never fully recovered after the recession of 2008-09.
President Trump has indicated that he intends for the tariffs to reignite manufacturing in the U.S. Investors, however, have not shared this optimism. On Thursday and Friday, the Dow Jones Industrial Average fell nearly 4,000 points, marking the largest two-day drop in stocks.
Read more: https://www.scrippsnews.com/politics/president-trumps-first-100-days/new-tariffs-take-effect-us-starts-collecting-10-duty-on-imported-goods
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