Trump signs sweeping 10 % global tariffs after Supreme Courts setback
Posting on Truth Social, Trump said it was his “great honor” to sign a global 10% tariff from the Oval Office and that it would take effect almost immediately.
PTC News Desk: Donald Trump said on Friday that he has signed a new order to place a 10% tax on goods coming into the United States from all countries. This step increases his trade measures and comes just hours after the Supreme Court cancelled his earlier wide-ranging import taxes. The new tariffs will start on February 24 at 10:30 am (IST).
Posting on Truth Social, Trump said it was his “great honor” to sign a global 10% tariff from the Oval Office and that it would take effect almost immediately. He explained that although the court ruling limits tariffs under the International Emergency Economic Powers Act (IEEPA), it does not stop him from using other executive powers.
Earlier in the day, Trump had said, “Today, I will sign an order to impose a 10% global tariff under Section 122, over and above our normal tariffs already being charged,” declaring, “I can charge much more.”
The new levy will take effect almost immediately and will remain in place for about five months under Section 122 of the Trade Act of 1974.
“During that period of about five months, we are doing the various investigations necessary to put fair tariffs, or tariffs, on other countries,” Trump said.
Trump also said he has broad authority in trade matters. He claimed he could even impose a full embargo on another country if he wanted, but questioned why he could not charge even a small amount under the specific law mentioned in the ruling, calling the situation “ridiculous.”