Trump attacks Supreme Court, says he’s imposing 10% ‘global tariff’
President Trump said at a press conference Friday that his administration “will impose a 10% global tariff over and above the normal tariffs currently in place” after the Supreme Court struck down the sweeping tariff regime.
By a 6-3 vote on Friday, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to impose customs dutiesIt deals a blow to the Trump administration’s signature economic policy.
Trump said in the briefing that the high court’s decision was “deeply disappointing.”
In place of these tariffs, which the President has requested authority to impose under IEEPA, a global tariff authorized under Article 122 of the 1974 Trade Act will be implemented, and the administration will initiate various trade investigations pursuant to Article 301.
Trump said the White House is prepared to replace the tariff regime struck down by the Supreme Court with “methods, laws, practices, and authorities” that are “even stronger than the IEEPA tariffs” recognized by the court system and Congress.
Trump said at the briefing that alternative measures the administration would put in place to replace the tariffs would “actually increase” the amount of money coming into the country, based on the court’s ruling.
The President also stated that “all national security tariffs” under Section 232 and Section 301 “remain in full force and effect.”
The Supreme Court’s decision on Friday leaves unchanged tariffs imposed under Section 232 of the Trade Expansion Act of 1962 (citing national security concerns) and preserves a range of import duties on products ranging from copper and semiconductors to automobiles and wood products such as carpentry.
Part 232 tariffs include: 50% tax on imports semi-finished copper products, 25% tax on some imported semiconductors — Including Nvidia’s (NVDA) H200 chips and auto tariffs: 25 percent tax on trucks and 10 percent tax on buses.
