US President Donald Trump on Saturday doubled down on the issue of global tariffs, announcing that his administration would raise reciprocal tariffs to 15 percent, an increase of 5 percent from his previous announcement.
This development comes a day after the US Supreme Court canceled the reciprocal customs duties that the Republican president announced shortly after assuming his presidency for the second time last year.
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“Based on a comprehensive, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American tariff decision issued by the United States Supreme Court yesterday, after many months of consideration, please allow this statement to represent that, as President of the United States of America, I will, effective immediately, raise the 10% global tariff on countries, many of which have been “plundering” the United States for decades, with impunity (until I come along!) to the fully permissible level And legally tested, it is 15%.
To be sure, Trump invoked powers under Section 122 of the Trade Act of 1974, which gives the President of the United States powers to impose tariffs in order to address balance of payments problems. However, Trump now has 150 days, after which the presidential order automatically expires unless Congress votes to extend it.
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“Over the next few months, the Trump Administration will identify and issue new, legally permissible tariffs that will continue our highly successful process of Making America Great Again,” he added in his social media post.
The US Supreme Court ruled on Friday that the tariffs Trump imposed under the Emergency Powers Act were unconstitutional, including the “reciprocal” tariffs he imposed on nearly every other country.
Trump criticized the Supreme Court and said he was “absolutely ashamed” of the justices who ruled against him, calling them “traitors to our Constitution” and “sheep dogs.”
Hours later, he imposed a 10% “global tariff” on all US trading partners. White House officials later clarified that for countries, including India, that have signed trade agreements with the United States, tariff levels would temporarily drop to 10 percent before new tariffs were imposed.
