"President Donald Trump is not giving up on his tariff strategy. The president said Saturday in a post on Truth Social that he would now impose a 15% 'worldwide tariff.' "I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been 'ripping' the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level," he wrote."
"In a 6-3 decision on Friday, the Supreme Court said Trump did not have the authority to impose his tariffs under the International Emergency Economic Powers Act, a national security law that allows the president to regulate economic activity during emergencies. In a press conference following the decision, Trump said he would use a separate authority to impose a 10% global tariff on top of any existing tariffs. The separate authority is known as Section 122, which can only be imposed for 150 days."
President Donald Trump announced an immediate increase of a previously imposed 10% worldwide tariff to a 15% level, citing long-term unfair trade practices. The Supreme Court ruled 6-3 that the International Emergency Economic Powers Act (IEEPA) did not authorize those tariffs. Following the ruling, the administration plans to impose a temporary 10% global tariff using Section 122, which is limited to 150 days. A White House official said countries tariffed under the invalidated authority will be subject to the 10% measure while the administration pursues other legal authorities or pre-negotiated tariff rates for longer-term action.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]