Trump signs order imposing a general tariff of 10%
The Supreme Court acted 'outside the law,' Vice President JD Vance even said on social media X.
TL;DR
- President Trump signed an order for a new 10% general tariff, shortly after a Supreme Court ruling against his tariff powers.
- The Supreme Court declared that the 1977 law Trump used does not authorize the president to impose tariffs.
- The new tariff will go into effect on February 24th for 150 days, applying to trade partners with existing tariff agreements.
- Trump expressed disappointment with the ruling, accusing some justices of being influenced by foreign interests.
- The White House stated the current tariff is temporary, and the administration will explore other legal means for tariffs.
- The ruling allows Trump to continue taxing specific sectors like automotive, steel, or aluminum.
- The article notes mixed economic results, including slower growth and an increased trade deficit in 2025.