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.
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Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
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.
Click to view
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
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