The US is imposing new global tariffs of 10%. These restrictions are the result of a high-profile decision by the US Supreme Court.
Points of attention
- President Trump expresses anger over US Supreme Court's decision to overturn the 'old' tariffs, highlighting the potential for alternative revenue-generating measures.
- New global tariffs of 10% imposed under Section 122 provide the President with temporary tariff authority, subject to congressional approval for extension beyond 150 days.
Trump is furious over the US Supreme Court decision
After the Supreme Court overturned the "old" tariffs, the American leader emphasized that there are alternative ways to implement such measures that "potentially could generate more revenue."
He clarified that the new ways of introducing tariffs were "approved by a decision" of the Supreme Court.
Today, I will sign an executive order imposing a 10 percent global tariff under Section 122 (of the Trade Act — ed.) on top of the normal tariffs already in effect.
Donald Trump
President of the United States
Section 122 gives the US President the right to impose temporary tariffs (duties) of up to 15% or import quotas if the country has serious balance of payments problems (deficit, threat to the foreign exchange market, capital outflow).
However, unlike previous tariffs imposed by Trump, the new duties can be in effect for no more than 150 days unless Congress approves their extension.
According to the US president, the Supreme Court's decision "has made the president's ability to both regulate trade and impose tariffs more powerful and more clearly defined."
At the same time, the American leader said he was ashamed of the Supreme Court justices who opposed his tariffs.
They are against everything that makes America strong, healthy, and great again. These judges are, frankly, also a disgrace to our nation.
It is noteworthy that even those judges whom Trump appointed during his first presidential term voted to repeal the tariffs.
Recall that earlier the US Supreme Court declared illegal the massive tariffs imposed by President Donald Trump against most countries of the world. The judges ruled by a majority vote (6-3) that the unilateral imposition of tariffs exceeded the presidential powers.
More on the topic
- Category
- Economics
- Publication date
- Додати до обраного
