US President Donald Trump has announced an increase in his new global import tariff from 10% to 15%. The move came a day after the US Supreme Court struck down most of the tariffs he had imposed earlier.
On Friday, America’s highest court ruled that the 1977 International Emergency Economic Powers Act (IEEPA) does not give Trump the authority to impose what he described as reciprocal tariffs on almost every country. The president responded by immediately introducing another global 10% tariff under separate legislation, using the Trade Act of 1974.
On Saturday, Trump said he would increase the tariff to the “fully allowed and legally tested 15% level.” He denounced the court’s decision as “ridiculous, poorly written, and extraordinarily anti-American.”
Trump said the government would find ways to impose “new and legally permissible tariffs” in the coming months. He had earlier promised to launch investigations into potentially unfair foreign trade practices that could lead to additional tariffs.
The 1974 law allows the president to impose tariffs for 150 days, with any further extension requiring congressional approval. Asked about the matter on Friday, Trump told journalists, “we have the right to do pretty much what we want to do.”
After returning to the White House last year, Trump imposed 25% tariffs on goods from Canada and Mexico, and later announced a baseline 10% tariff on many other countries he accused of “ripping off” the US. He also sought to use the measure as political leverage, earlier this year threatening additional tariffs against European countries that oppose his plan to annex Greenland from Denmark.
You can share this story on social media:
Read the full article here