Furious Trump hikes new worldwide tariffs to 15% | World | News
Just hours after announcing a 10% tariff, Donald Trump announced that he was ordering an increase in newly introduced global tariffs. Fears of a trade war and market instability rose on Saturday afternoon as the US President announced his decision to raise global tariffs to 15% “effective immediately”. His comments came just days after the U.S. Supreme Court ruled that his sweeping tariffs were illegal, leaving the U.S. to face $133.5 billion in tax rebates on U.S. businesses.
Announcing the move on Truth Social, Trump wrote: “Based on a detailed, detailed and complete review of the ridiculous, poorly written and extraordinarily un-American decision on Tariffs issued yesterday by the Supreme Court of the United States after a months-long deliberation process, please allow this statement to represent that I, as President of the United States, will immediately enact 10% Worldwide Tariffs on Countries, many of which have been “exploiting” the United States for decades, with no penalty (until I show up!), completely.” to the permitted and legally tested level of 15%.”
The Supreme Court’s decision was approved by a 6-3 majority, including two justices who voted against the Trump-appointed orders.
The ruling found that a 1977 law does not give Mr. Trump the authority to impose tariffs without approval from the U.S. Congress.
The vote to call the president’s policy illegal clearly angered Trump, forcing him to return to court, claiming they were “driven by foreign interests” and other countries were “dancing in the streets.”
He said: “To protect our country, a president could actually impose more tariffs than I’ve called for over the past year.”
“Under the various tariff authorities, we can also use other laws, other tariff authorities, which are also approved and fully permitted.”
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Initially Trump’s approach was, as he claimed, a broad 10% tariff”[take] “More money than we’ve ever received before.”
But now the President claims to have found a loophole in a 50-year-old law (Section 122 of the Commercial Code) that allows him to raise tariffs by an additional 5%.
This section allows the president to impose a “temporary import duty” of up to 15 percent if he determines there is a “large and serious” balance of payments deficit.
