Trump Hikes Global Tariffs To 15% – Hell hath no fury like a Donald scorned
Trump Blasts “Ridiculous, Anti-American” SCOTUS Ruling
(Tyler Durden Reports)
Hell hath no fury like a Donald scorned…
One day after ‘The Supremes’ struck down his IEEPA tariffs, President Trump has announced, in a statement issued on Truth Social, that he will raise his new, global tariff to 15% (the maximum allowed under a separate trade law), a day after he took hiked global tariffs to 10% (in response to the SCOTUS ruling).
Trump further slammed the SCOTUS decision as “anti-American”...
“Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court,
Then dropped the hammer…
“…please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been “ripping” the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level.“
With the policy taking effect immediately, Trump further signaled that he would press ahead with his trade war despite the major legal setback.
“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs…
…which will continue our extraordinarily successful process of Making America Great Again – GREATER THAN EVER BEFORE!!! Thank you for your attention to this matter.”
Ironically, for those cheering yesterday’s court ruling, for some countries, President Trump’s new 15% tariff may actually be higher than the rates that previously applied to their exports to the US.
Trump is applying the new baseline tariff under Section 122 of the 1974 Trade Act, which allows the president to impose tariffs for 150 days without congressional approval.
Securing that approval could prove challenging, as Democrats and some Republicans have opposed elements of his trade policy
The Trump administration has indicated that it will use other legal authorities, like Section 301 of the Trade Act of 1974, to impose tariffs on countries individually based on their trade practices.
But those investigations will take time to prepare.
At least temporarily, exports from all countries will now face a 15 percent tariff rate, regardless of their trade practices, or the concessions they have made.
Presumably, at some point soon, the ‘left’ will sue to halt these tariffs too (even though – as Trump noted – they have been ‘tested’ in court previously).
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Header featured image (edited) credit: FB public file. Emphasis added by (TLB) editors
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