Donald Trumpon Saturday raised theglobal tariffsto 15 per cent, hours after signing off on an executive order to levy a 10 per cent duty on all its partner trading nations. Trump's latest tariff variations have come after Friday's big blow when the United States Supreme Court in a historic 6:3 judgment struck down his reciprocal tariffs. The US President, who later addressed the media post the top court's order when he termed its decision as 'disgusting', announced that he wouldimmediately impose a new 10 per cent duty on every country, however, having been imposing that, the President today revised it to 15 per cent.
Trump said in a social media post on that he was making the decision “Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday,” by the US Supreme Court.
Taking to Truth Social, Trump said, "Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court, please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been “ripping” the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level."
According to Donald Trump, the imposition of 15 per cent tariffs on nations globally will remain for the time period until his administration over the next few months announces legally permissible new duties.
The President himself informed about his next move on imposing import duties saying, "During the next short number of months, the administration will determine and issue the new and legally permissible tariffs, which will continue our extraordinarily successful process of Making America Great Again - GREATER THAN EVER BEFORE!!! Thank you for your attention to this matter. President DONALD J. TRUMP."
After the court ruled he didn’t have the emergency power to impose many sweeping tariffs, Trump signed an executive order on Friday night that enabled him to bypass Congress and impose a 10% tax on imports from around the world. The catch is that those tariffs would be limited to just 150 days, unless they are extended legislatively.
Trump’s post significantly ratcheting up a global tax on imports to the US yet again was the latest sign that despite the court’s check, the Republican president was intent on continuing to wield in an unpredictable manner his favorite tool to for the economy and to apply global pressure.
Trump’s shifting announcements over the last year that he was raising and sometimes lowering tariffs with little notice jolted markets and rattled nations.
Saturday’s announcement seemed to a be a sign that Trump intends to use the temporary global tariffs to continue to flex.
In addition to the temporary tariffs that Trump wants to set at 15%, the president said Friday that he was also pursuing tariffs through other sections of federal law which require an investigation by the Commerce Department.
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