Trump Imposes 10% Global Tariff Following Supreme Court Ruling
U.S. President Donald Trump has signed a 10% global tariff on imports from all countries in response to a Supreme Court ruling that invalidated his country-specific tariffs. The measure, announced on February 20th, is set to take effect at 01:01 Eastern Time on February 24th.
Background: Supreme Court Decision
The Supreme Court’s ruling struck down tariffs imposed under the International Emergency Economic Powers Act (IEEPA), as well as tariffs on goods from the United States, Canada, and China related to fentanyl. This decision effectively prevents the Trump administration from collecting the previously imposed reciprocal tariffs, which had been adjusted for different countries – for example, Korea’s tariff was lowered from 25% to 15% in November before a planned increase to 25% was proposed.
New Tariff Based on Trade Act of 1974
The new 10% tariff is authorized under Section 122 of the Trade Act of 1974, which allows the president to impose tariffs of up to 15% for up to 150 days to address balance of payments issues. President Trump also announced plans for a tariff investigation under Section 301 of the Trade Act, which permits tariffs in response to unfair trade practices by foreign governments New York Times.
Exemptions to the Tariff
The White House proclamation specifies certain exemptions to the 10% tariff. These include:
- Core minerals
- Passenger vehicles
- Certain electronic products
- Parts related to passenger cars and buses
- Some aerospace products
- Natural resources and fertilizers not domestically producible
Trump’s Reaction and Future Actions
President Trump expressed his dissatisfaction with the Supreme Court’s ruling on his social media platform, Truth Social. He indicated that the new global tariff was a direct response to the court’s decision Politico. Despite the invalidation of reciprocal tariffs, the possibility of increased tariffs on specific goods, such as automobiles, remains Newsmax.