Tuesday, 02 January 2024 12:17 GMT

Trump To Raise Global US Tariff To 15Pc After Supreme Court Setback


(MENAFN- Pajhwok Afghan News) KABUL (Pajhwok): US President Donald Trump has announced an increase in temporary tariffs on US imports from all countries, raising the rate from 10 percent to 15 percent, just days after the Supreme Court struck down his previous tariff program.

In a post on his Truth Social platform, Trump said the increase would take effect“immediately.” He described the Supreme Court's ruling on Friday as a“ridiculous, poorly written and extraordinarily anti-American decision.”

The announcement came as businesses and governments worldwide sought repayment of an estimated $133 billion that Washington has already collected under the earlier tariff measures, Al Jazeera reported.

In a 6–3 decision, the Supreme Court ruled that it was unconstitutional for Trump to unilaterally impose and modify tariffs, stating that the power to levy taxes rests with Congress.

The ruling invalidated tariffs Trump had imposed on nearly every country under the International Emergency Economic Powers Act (IEEPA), an emergency powers law.

The newly announced 15 percent tariff represents the maximum rate permitted under that law. However, such tariffs are limited to 150 days unless Congress approves an extension.

It remains unclear whether an updated executive order will be issued.

According to Reuters, the White House said the Section 122 tariffs include exemptions for certain products, including critical minerals, metals, and energy resources.

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Pajhwok Afghan News

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