President Donald Trump said on Saturday he will raise temporary tariffs on almost all US imports from 10% to 15%, the maximum level allowed under the law, after the US Supreme Courtstruck downhis previous tariff programme as invalid. Trump had immediately announced a 10% across-the-board tariff on Friday after the court’s decision, which found the president had exceeded his authority when he imposed an array of higher rates under an economic emergency law. The new levies are grounded in a separate law, known as Section 122, that allows tariffs up to 15% but requires congressional approval to extend them after 150 days.
“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” he wrote in a Truth Social post. Trump has shown little sign of backing off his global trade war in the hours since the court’s 6-3 decision, attacking individual justices in personal terms and insisting he retained the power to impose tariffs as he sees fit.
Read Full Article on The Sowetan
All Zim News – Bringing you the latest news and updates.