Trump: "Global Import Tariff" raised from 10% to 15%
Xinhua News Agency, New York, February 21 - U.S. President Trump stated on social media on the 21st that he announced the "global import tariff" rate on goods imported to the U.S. would be raised from 10% to 15%, "effective immediately".
Trump indicated that based on a review of the U.S. Supreme Court ruling, the tariff rate on "global tariffs for multiple countries" would be immediately raised from 10% to 15%. In the coming months, the U.S. government will determine and issue new "legal tariffs".
On the 20th, the U.S. Supreme Court published a ruling stating that the U.S. International Emergency Economic Powers Act does not authorize the president to impose large-scale tariffs. This means that Trump's tariff policy has faced significant setbacks. Later that day, Trump signed an executive order confirming the termination of the previously invoked tariffs under the International Emergency Economic Powers Act.
Also on the 20th, after the Supreme Court ruling was announced, Trump declared that under Section 122 of the Trade Act of 1974, a "global import tariff" would be imposed at a rate of 10% for a period of 150 days, replacing the tariffs deemed illegal by the Supreme Court. According to U.S. media reports, this provision had never been used before, allowing the government to impose tariffs of up to 15% in cases of trade imbalances with other countries, for a maximum duration of 150 days, unless Congress approves an extension.
Trump also stated that all tariffs imposed by the U.S. under the guise of "national security" and those imposed under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974 will remain in effect.
U.S. Trade Representative Jamison Greer stated in an interview with Fox News Channel on the 20th that trade agreements reached by the U.S. with other countries must be honored, even if the tariffs stipulated in the agreements are higher. He cited examples where the tariff rates for goods exported to the U.S. from Malaysia and Cambodia will remain at 19%. (End)
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Xinhua News Agency, New York, February 21 - U.S. President Trump stated on social media on the 21st that he announced the "global import tariff" rate on goods imported to the U.S. would be raised from 10% to 15%, "effective immediately".
Trump indicated that based on a review of the U.S. Supreme Court ruling, the tariff rate on "global tariffs for multiple countries" would be immediately raised from 10% to 15%. In the coming months, the U.S. government will determine and issue new "legal tariffs".
On the 20th, the U.S. Supreme Court published a ruling stating that the U.S. International Emergency Economic Powers Act does not authorize the president to impose large-scale tariffs. This means that Trump's tariff policy has faced significant setbacks. Later that day, Trump signed an executive order confirming the termination of the previously invoked tariffs under the International Emergency Economic Powers Act.
Also on the 20th, after the Supreme Court ruling was announced, Trump declared that under Section 122 of the Trade Act of 1974, a "global import tariff" would be imposed at a rate of 10% for a period of 150 days, replacing the tariffs deemed illegal by the Supreme Court. According to U.S. media reports, this provision had never been used before, allowing the government to impose tariffs of up to 15% in cases of trade imbalances with other countries, for a maximum duration of 150 days, unless Congress approves an extension.
Trump also stated that all tariffs imposed by the U.S. under the guise of "national security" and those imposed under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974 will remain in effect.
U.S. Trade Representative Jamison Greer stated in an interview with Fox News Channel on the 20th that trade agreements reached by the U.S. with other countries must be honored, even if the tariffs stipulated in the agreements are higher. He cited examples where the tariff rates for goods exported to the U.S. from Malaysia and Cambodia will remain at 19%. (End)
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