Donald Trump raises the tariff from 10% to 15% after ruling against the US Supreme Court.
The President of the United States, Donald Trump, announced that he will raise the global tariff from 10% to 15% "with immediate effect", in response to the ruling of the U.S. Supreme Court that declared illegal the mechanism he used to impose trade taxes under emergency powers.
TL;DR
- Donald Trump has raised the global tariff from 10% to 15% "with immediate effect".
- This decision is a response to a U.S. Supreme Court ruling that declared illegal the mechanism Trump used to impose trade taxes under emergency powers.
- Trump is now using Section 122 of the Trade Act of 1974, which permits presidents to apply tariffs for up to 150 days without legislative approval.
- The Supreme Court's ruling stated that the International Emergency Economic Powers Act does not explicitly grant the president the authority to impose tariffs, a power that belongs to Congress.
- The increased tariffs could impact international markets, making imported goods more expensive and potentially increasing tensions with key trading partners.
- The court's decision may allow companies to request refunds for tariffs already paid.