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US starts collecting 10% tariff, smashing trade rules
Financial Express Chandigarh
|April 06, 2025
THE BASELINE TARIFF ushered in Trump's full rejection of the post-World War II system of mutually agreed tariff rates.
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"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.
"But this is huge. This is a pretty seismic and significant shift in the way that we trade with every country on earth," she added.
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