On April 5, 2025, the United States commenced the collection of President Donald Trump's newly imposed tariffs, marking a pivotal shift in international trade dynamics. The initial 10% "baseline" tariff applies broadly to imports from numerous countries, with plans for higher "reciprocal" tariffs ranging from 11% to 50% on specific nations set to take effect on April 9.

The baseline tariff was enforced at all U.S. ports of entry, including seaports, airports, and customs warehouses, starting at 12:01 a.m. ET on April 5. Countries such as Australia, the United Kingdom, Colombia, Argentina, Egypt, and Saudi Arabia are among those affected. A 51-day grace period has been granted for goods that were in transit before the tariff's implementation, allowing them to arrive by May 27 without incurring the new duty.

Beginning April 9, the U.S. will impose higher tariffs on imports from 57 major trading partners. The European Union will face a 20% tariff, Chinese goods will be subjected to an additional 34% tariff (bringing the total to 54%), and Vietnamese products will incur a 46% tariff. Canada and Mexico are exempt from these new tariffs due to existing fentanyl-related tariffs under the United States-Mexico-Canada Agreement (USMCA) rules.

Certain imports, valued at approximately $645 billion in 2024, including crude oil, petroleum products, pharmaceuticals, uranium, titanium, lumber, semiconductors, and copper, are exempt from these tariffs. This selective approach aims to mitigate potential disruptions in critical sectors.

The oil industry is particularly impacted, with major U.S. oilfield service firms like SLB, Halliburton, and Baker Hughes anticipating revenue declines of 2-3% in 2025. The tariffs are expected to increase costs for essential equipment, such as pipes and valve fittings, thereby affecting operations and profitability.

Turkey views the 10% tariff as advantageous compared to higher levies imposed on other nations. Vice President Cevdet Yilmaz stated that this relatively low tariff enhances Turkey's market access to the U.S., particularly in sectors like iron, steel, and aluminum.

Global financial markets have reacted strongly to the tariff announcements. The S&P 500 experienced a record two-day decline, erasing $5 trillion in stock market value by April 4. Commodity prices, including oil, have also plummeted, reflecting investor concerns over escalating trade tensions and potential economic slowdowns.

Economists warn that these unilateral tariff actions could dismantle the rules-based global trading system established post-World War II, potentially leading to retaliatory measures from affected countries and a fragmentation of international trade relations.

Domestically, the U.S. labor market had shown resilience prior to the tariff implementation, with 228,000 jobs added in March 2025. However, the escalation of trade tensions introduces uncertainty, with potential negative impacts on business confidence and employment in sectors reliant on international trade.

As the situation develops, the global community watches closely, recognizing that the unfolding trade policies could have far-reaching implications for international economic stability and growth.