US President Trump raises global tariffs from 10% to 15%
Following the US Supreme Court’s ruling, President Donald Trump, frustrated by the US Supreme Court’s decision, has increased the tariffs imposed on all countries from 10 percent to 15 percent (the US temporary 15 percent tariff).
On Friday night, he announced a global 10 percent tariff after the US Supreme Court declared his ban on tariffs illegal, which was increased to 15 percent in 24 hours.
What will happen to the Supreme Court’s order?
Using Section 122, President Trump first imposed a 10 percent tariff on goods imported into the US for a period of 150 days, and now increased it to 15 percent. A factsheet released by the White House on the 10 percent global tax stated that Trump exercised the power granted under Section 122 of the Trade Act of 1974. Under this provision, the President can address certain “fundamental international payment problems” through surcharges and other special import restrictions.
