New tariffs imposed by the Trump administration have taken effect, applying a 10% rate on almost two-thirds of imports into the United States. This decision comes despite earlier statements from Trump announcing a potential increase to 15%, which has not yet been officially enacted. The tariffs were enacted under Article 122 of the Trade Act of 1974, raising questions about compliance and fairness in international trade practices.

Compounding the issue, the US Customs and Border Protection (CBP) agency has halted the collection of tariffs established under the International Emergency Economic Powers Act (IEEPA), following a Supreme Court ruling that deemed many of these tariffs illegal. Trump's introduction of punitive tariffs appears to be a direct response to the Court's decision, highlighting the contentious relationship between the executive and judicial branches of government regarding trade policy. The immediate implications of these tariffs remain to be seen, as both importers and consumers brace for changes.

As these developments unfold, economists and trade experts will be closely monitoring who bears the brunt of these tariffs and who might benefit. It raises critical discussions about the impact on various sectors and the potential retaliation by trading partners. Overall, these moves signal an escalation in the trade tensions that have characterized the Trump administration's approach to international trade relations, leaving many in the business community uncertain about the future.