By far, the widest tariffs have come into effect by U.S. President Donald Trump’s move to date – a move that could spark retaliation and escalate trade tensions that puts the global economy unfavorable.

The initial 10% “baseline” tariffs came into effect on Saturday at 12:01 a.m. ET (04:01 a.m. ET) at U.S. seaports, airports and customs warehouses, which led Trump to reject the mutually agreed tariff rates after World War II.

Among the countries that were initially subject to 10% tariffs, Australia, the United Kingdom, Colombia, Argentina, Egypt and Saudi Arabia.

this Trade gapThe White House said there was a “lack of reciprocity” and “high VAT” drive in interpersonal relationships and other policies.

U.S. Customs and Border Protection Announcement to shippers indicate that there is no grace period for water goods on Saturday midnight.

However, the U.S. Customs and Border Protection Notice does provide a 51-day grace period for cargo loaded onto a vessel or aircraft and for cargoes before 12:01 a.m. Saturday. These shipments need to arrive at 12:01 am on May 27 (4:01 AM GMT) to avoid 10% of the responsibility.

And, on April 9, Trump’s higher “Reciprocal” tariff rate 11% to 50% effective. The EU’s import tax rate will be subject to a 20% tariff, while Chinese goods will be hit by a 34% tariff, bringing Trump’s new tax in China to 54%.

Vietnam will be hit by 46% tariffs after Trump’s first trade war with Beijing, benefiting from the U.S. transfer from China’s supply chain. However, the country agreed on Friday to discuss a deal with Trump.

Both Canada and Mexico have exempted Trump from their latest duties as they still suffer 25% tariffs on goods related to the U.S. fentanyl crisis, which do not comply with the U.S.-Mexico-Canada Rules of Origin.

“Beautiful earthquake”

Michael Strain, director of economic policy research at the American Enterprise Institute, told Al Jazeera that investors’ welcome to U.S. tariffs are poor.

“This will have a very serious impact on the economic outcomes of workers, families and businesses,” he said, adding that the move “has increased $40-500 billion in taxes on U.S. households and businesses this year.”

“A significant increase in taxes and tariffs will increase the prices of imported goods faced by households (and) means households are likely to see negative income growth … that alone has the potential to suffer the risk of a recession in the United States,” he said.

On Friday, China announced that it would impose itself 34% tariff On the US Products on April 10. Beijing also said it will sue the United States at the World Trade Organization (WTO) and limit the export of rare earth elements used in high-end medical and electronic technologies.

Trump warned on social media on Friday that “China has made a mistake”, saying it was “a thing they can’t afford.”

Other major trading partners also retreated as they continued to digest the evolving international deadlock and fear of a recession.

Trump’s tariff announcement on Wednesday shocked the core of the global stock market, with the S&P 500 stock market price at $5 trillion at the end of Friday, a record two-day decline. Oil and commodities prices plummeted, while investors fled the security of government bonds.

Economists also warn that tariffs could weaken growth and fuel inflation.

Hogan Lovells’ trade attorney Kelly Ann Shaw told Brookings agency activity during Trump’s first term that on Thursday she expects tariffs to develop over time as the country seeks to negotiate lower interest rates.

“This is the biggest trade action in our life,” she said. “But it’s huge. It’s a pretty big and significant shift in the way we trade with every country on the planet.”

Trump said on his truth social platform that his “policies will never change.”

However, his latest tariffs have been noticeable. They did not hit imports of steel, aluminum and cars on the recent 25% tariff.

The White House said that copper, medicines, semiconductors and wood are also temporarily spared, as well as “certain key minerals” and energy products.

But Trump has ordered an investigation into copper and wood, which could soon lead to further responsibility.

He also threatened to hit other industries such as drugs and semiconductors, meaning any probation could be restricted.