Trump's 10% baseline tariffs on imports from many countries now in effect

President Donald Trump's unilateral 10% tariff on all imports from many countries went into effect on Saturday, with U.S. customs agents beginning to collect.

The initial 10% "baseline" tariff took effect at U.S. seaports, airports and customs warehouses at 12:01 a.m. ET. Higher taxes on goods from 57 larger trading partners are set to start next week.

Trump's announcement of the tariff on Wednesday shook global stock markets, cutting $5 trillion in stock market value for S&P 500 companies by Friday's close, which marks a record two-day drop. Prices of oil and commodities also took a nosedive.

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Australia, Britain, Colombia, Argentina, Egypt and Saudi Arabia were among the countries first slapped with the 10% tariff. There appears to be no grace period for cargoes on the water at midnight on Saturday, according to a U.S. Customs and Border Protection bulletin to shippers.

A U.S. Customs and Border Protection bulletin did, however, offer a 51-day grace period for cargoes loaded onto vessels or planes and in transit to the U.S. before 12:01 a.m. ET Saturday. These cargoes must arrive by 12:01 a.m. ET on May 27 to avoid the 10% tax.

Trump's higher "reciprocal" tariff rates ranging from 11% to 50% are set to take effect on Wednesday. European Union imports will face a 20% tariff, while Chinese goods will be hit with a 34% tariff, bringing Trump's total new taxes on China up to 54%.

Vietnam will be hit with a 46% tariff and agreed on Friday to negotiate a deal with Trump. The country benefited from the shift of U.S. supply chains away from China after Trump's trade war with Beijing during his first term.

Canada and Mexico were exempt from Trump's latest levies because they are still subject to a 25% tariff for goods that do not comply with the U.S.-Mexico-Canada rules of origin.

Goods subject to separate, 25% national security tariffs, including steel and aluminum, cars, trucks and auto parts, are not covered by the new tariff.

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The administration also released a list of more than 1,000 product categories exempted from the tariffs, including crude oil, petroleum products and other energy imports, pharmaceuticals, uranium, titanium, lumber and semiconductors and copper. These product categories were valued at $645 billion in 2024 imports.

With the exception of energy, the administration is investigating several of these sectors for additional national security tariffs.

Reuters contributed to this report.