- President Trump's new universal 10% tariff on imports has taken effect, reshaping global trade.
- The tariff uses a 1970s law as a temporary tool to address trade imbalances.
- Confusion reigns as the rate was briefly threatened to be 15% and may still increase.
- The move has sparked international criticism and frozen some trade deals.
- Businesses face higher costs and uncertainty while preparing for legal battles over refunds.
