United States President Donald Trump on Saturday said he was increasing global tariffs to 15% from 10%, a day after the US Supreme Court struck down most of the levies he had imposed last year.
In a social media post, Trump said that he was increasing the tariffs to the “fully allowed, and legally tested, 15% level” with immediate effect.
However, it was unclear as to when the increased tariff rate would take effect as the original 10% rate announced by the White House on Friday was to be enforced on February 24.
He further warned that additional tariffs would follow.
“During the next short number of months, the Trump administration will determine and issue the new and legally permissible tariffs, which will continue our extraordinarily successful process of Making America Great Again,” the US president said.
On Friday, the Supreme Court struck down global tariffs imposed by Trump, ruling in a 6:3 verdict that he had exceeded his authority. The judges said that the 1977 International Emergency Economic Powers Act that Trump had invoked “does not authorise the president to impose tariffs”.
Trump had in April imposed “reciprocal” tariffs on dozens of countries, including India, claiming high levies the countries imposed on US goods. The levies were eventually reduced once bilateral trade deals had been agreed to, including in...
from Scroll.in https://scroll.in/latest/1090918/trump-increases-global-tariffs-to-15-from-10?utm_source=rss&utm_medium=public https://sc0.blr1.cdn.digitaloceanspaces.com/article/212087-tkjnzqkklo-1771724946.jpeg
via
0 Comments