What is the news?
US President Donald Trump has again made a big announcement regarding global tariffs. Through a social media post, he has announced to increase the 10 percent tariff on goods imported into America from all countries to 15 percent. He took this step hours after the US Supreme Court ruled against his major tariff program based on economic emergency legislation.
What did Trump announce?
Trump wrote on Truth Social, ‘I, as President of the United States, am increasing to 15 percent the 10 percent global tariffs imposed on countries, many of which have been looting America for decades without any retribution (until I came!) with immediate effect. This decision has been taken in response to that. He further wrote, ‘This step is completely within the legal ambit and has already been tested.’
Trump will make America great again
President Trump further wrote, ‘Over the next few months, the Trump Administration will determine and release new and legally approved tariffs. “It will continue our very successful effort to Make America Great Again.” According to him, this policy is necessary to strengthen America’s economy and protect domestic industries. He claimed that the steps taken so far have been very successful and America will benefit in future also.
The Supreme Court had declared the tariff illegal
The US Supreme Court on Friday declared the tariffs illegal. The court, by a 6-3 majority, upheld a lower court ruling that the US President had abused his powers by invoking the International Emergency Economic Powers Act of 1977 (IEEPA) when announcing the tariffs. The judges concluded that the act did not give Trump the authority to impose tariffs that he claimed.
After the Supreme Court’s decision, Trump had announced 10 percent tariff.
Hours after the Supreme Court’s decision, Trump announced the imposition of a 10 percent global tariff on almost all goods coming to America under Section 122 of the Trade Act 1974. After a few hours, now they have increased it to 15 percent. Let us tell you that Section 122 allows the President to impose duty up to 15 percent for 150 days. However, the move may face further legal challenges.
Follow Us On Google News
Follow Us On WhatsApp
Leave a Comment