US President Trump has signed an executive order to impose a 10% tariff on all countries immediately.
According to the White House, a 10% duty will be imposed on goods imported into the US for 150 days, while some goods will be exempt from this temporary duty.
The exempted goods include minerals, fertilizers, metals, and energy equipment, as well as agricultural products, medicines, and pharmaceutical raw materials. The new duty will not apply to the US-Mexico-Canada Agreement.
Earlier, the US Supreme Court had declared President Trump’s additional tariffs on other countries illegal.
Since returning to the White House, Trump has racked up an impressive record at the conservative Supreme Court, including a decision that made it harder for lower courts to block his agenda and a series of important emergency decisions blessing his immigration policies and his push to consolidate power within the executive branch.
The court ruled by a majority of six judges against three. Trump called the decision disappointing and announced the imposition of a 10% tariff on the entire world.
Trump said that he was embarrassed by certain members of the court; the world will be happy with the decision, but its happiness will not last long.
He said that the profits from the tariffs will increase further. On the question of returning the money received from the tariffs, Trump said that a legal battle will have to be fought on this; the court has come under the influence of foreign interests.
Trump said that I do not need to ask Congress to impose tariffs; all national security tariffs under Section 301 will remain in place, nothing has changed in the trade agreement with India; all agreements are intact; only the procedure is different.
The US court said that the law under which Trump imposed these tariffs was made for a national emergency; this law does not allow Trump to impose additional tariffs.
