Trump’s tariffs impact global markets, causing $5 trillion loss in S&P 500 value

• Trump’s tariffs impact global markets, causing $5 trillion loss in S&P 500 value
• Countries like Australia, Britain and Saudi Arabia face immediate 10% tariff
• Exemptions include crude oil, pharmaceuticals and semiconductors
• China says ‘market has spoken’ on Trump tariffs

WASHINGTON/JUPITER, Florida, April 5 (Reuters) – U.S. customs agents began collecting President Donald Trump’s unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.

The initial 10% “baseline” tariff paid by U.S. importers took effect at U.S. seaports, airports and customs warehouses at 12:01 a.m. ET (0401 GMT), ushering in Trump’s full rejection of the post-World War Two system of mutually agreed tariff rates.

“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. “This is a pretty seismic and significant shift in the way that we trade with every country on earth,” she added.

Trump’s Wednesday tariff announcement shook global stock markets, wiping out $5 trillion in value for S&P 500 index (.SPX), opens new tab companies by Friday’s close, a record two-day decline. Driven by recession fears, prices for oil and commodities plunged, while investors fled to the safety of government bonds.