New 10% tariff introduced by Trump takes effect
Despite a claim to introduce them at a higher rate, a new 10% global tariff on goods imported into the US announced by the White House is now in effect
Following the US Supreme Court’s decision to block Trump’s so-called reciprocal tariffs, the US President announced plans to introduce a 10% global tariff. However, on Saturday, he suggested that this figure could be increased to 15%. This move still has to be made official.
The tariffs were set at 10% on Tuesday, 24th of February, and no directive has yet been issued to increase the rate. However, according to media reports quoting a White House official, the US administration is drafting a formal order to raise the global tariff rate to 15%. The timeline for implementing the higher levy has yet to be finalised.
On the 20th of February, the US Supreme Court ruled by six votes to three that the President had exceeded his authority by imposing trade tariffs under the International Emergency Economic Powers Act (IEEPA) of 1977. This overturned much of the Trump administration’s previous trade policy.
Image Credits: vox.com
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