After the decision of the US Supreme Court, US President Donald Trump said that he will increase his new global tariff rate from 10 percent to 15 percent. President Trump said that, as President of the United States of America, I am, effective immediately, increasing the 10 percent worldwide tariff on countries, many of which have been “robbing” the United States without retribution for decades (until I came!) to the 15 percent level.
He said that in the next few months, the Trump Administration will introduce new and legally approved Tariff Decide and issue a resolution that will continue our very successful process of Making America Great Again.
The Supreme Court had declared the tariff illegal
In a major blow to American Donald Trump, the Supreme Court on Friday canceled the huge tariffs imposed by his administration. In a 6-3 decision, the Supreme Court found that the president had overstepped his authority by imposing massive global tariffs last year using a law called the International Emergency Economic Powers Act of 1977.
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The court said Trump invoked national emergency legislation to justify large trade tariffs, which the judges believed was beyond the president’s power.
Trump had announced to impose 10 percent tariff
Hours after this decision, Trump announced the imposition of a 10% global tariff on almost all goods going to the US under a rarely used rule called Section 122 of the Trade Act 1974. This section allows the imposition of a 15% tariff for up to 150 days in response to basic international payment problems.
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He claimed the decision made him more powerful and vowed to use other methods to enforce the tariffs. “Today’s decision by the Supreme Court strengthens and clarifies, rather than diminishes, the President’s ability to regulate trade and impose tariffs,” he said.
Trump had said in the press conference, “Those who were wrongly dismissed by the court will now be replaced by other methods.” He also said that more revenue can also come through these methods.