Trump says he has signed order for new global 15% tariff after ‘deeply disappointing’ Supreme Court ruling
Trump’s decision to raise tariffs to 15% comes amidst ongoing trade tensions with several countries, including China, the European Union, and Canada. Critics argue that such tariffs could lead to higher prices for consumers and potential retaliation from other countries.
The president’s move to increase tariffs follows a series of legal battles over his authority to impose such levies. The Supreme Court’s decision to strike down most of his existing tariffs was a significant blow to Trump’s trade policies, which have been a cornerstone of his administration’s economic agenda.
It remains to be seen how other countries will respond to Trump’s latest tariff increase. Many have already expressed concerns about the impact of the tariffs on global trade and the potential for a trade war.
Despite the challenges and controversies surrounding his trade policies, Trump remains steadfast in his belief that tariffs are necessary to protect American workers and industries. He has repeatedly stated that his administration’s goal is to “Make America Great Again” by putting American interests first in trade negotiations.
As the debate over tariffs and trade policy continues, it is clear that Trump’s decisions will have far-reaching implications for the global economy and international relations. The coming months will likely see further developments in this ongoing saga of tariffs, trade disputes, and economic uncertainty.
President Donald Trump recently announced a new global tariff that will impact countries that have existing trade deals with the United States. According to a White House official, the new tariff will be set at 10% and will apply to countries such as the United Kingdom, India, Japan, and the European Union. However, the list of countries affected is not exhaustive.
The implementation of this new tariff is expected to lower the current tariff rates on several trade deals that President Trump has negotiated. For example, the tariff rates with Japan and India were previously set at 15% and 18%, respectively.
A fact sheet released by the White House outlined a list of exemptions from the new tariffs, including items such as beef, pharmaceuticals, cars, and certain electronics. Imports from Canada and Mexico covered under the U.S.-Mexico-Canada trade agreement will also be exempt from the 10% tariff.
Additionally, President Trump signed an executive order extending the suspension of the de minimis exemption, which allowed low-value goods under $800 to be shipped to the U.S. duty-free. This exemption, which was previously suspended last year, will now face the 10% tariffs imposed on goods from retailers like Shein and Temu.
The Supreme Court recently delivered a major blow to President Trump’s economic agenda by ruling 6-3 against his ability to unilaterally impose tariffs. The court concluded that the International Emergency Economic Powers Act does not grant the president the authority to impose tariffs without congressional approval.
In response to the ruling, President Trump expressed his disappointment and criticized the court for not ruling in his favor. He lambasted the justices for lacking the courage to do what he believed was best for the country and accused them of being influenced by political motives.
Despite the setback, President Trump vowed to initiate investigations under Section 301 of the 1974 Trade Act, although he did not specify which countries or sectors would be targeted. The ruling has sparked controversy and raised questions about the extent of presidential power in imposing tariffs without congressional oversight. Trade investigations are a crucial tool used by governments to respond to adverse trade policies implemented by other countries. These investigations can take weeks or even months to complete, as officials carefully analyze the impact of these policies on domestic industries.
President Donald Trump recently emphasized the importance of moving forward with these investigations. He commended Justices Samuel Alito, Clarence Thomas, and Brett Kavanaugh for their dissents in a particular trade case. In particular, he lauded Justice Kavanaugh for his insightful analysis, stating that Kavanaugh’s “stock has gone so up.”
During a press conference at the White House briefing room, Trump highlighted a portion of Kavanaugh’s dissent, in which the justice expressed concerns about the court’s decision potentially not constraining a president’s ability to impose tariffs in the future. Kavanaugh also raised questions about the lack of clarity from the majority on the issue of refunds and the process for handling them. It was revealed that the administration had collected a substantial $142 billion through tariffs by December, according to the Yale Budget Lab.
Trump expressed frustration at the prospect of being embroiled in legal battles over refunds for the next five years. He indicated that he was not inclined to voluntarily issue refunds without a clear directive from the court.
Overall, these trade investigations play a vital role in safeguarding domestic industries and ensuring fair trade practices. The insights provided by justices like Kavanaugh shed light on the complexities of trade policies and their implications for the economy. As the government navigates these challenging trade dynamics, it is essential to approach each investigation with diligence and transparency.
ABC News’ Elizabeth Schulze and Zunaira Zaki have provided valuable contributions to this report.
