Blitz Bureau
NEW DELHI: US President Donald Trump on February 20 signed an order making 10 per cent global tariff on all countries, effective almost immediately. Sharing the announcement in a post on Truth Social, Trump said, “It is my Great Honor to have just signed, from the Oval Office, a Global 10% Tariff on all Countries, which will be effective almost immediately. Thank you for your attention to this matter! PRESIDENT DONALD J. TRUMP”.
A White House official stated that this new tariff will remain in place until another authority is invoked, emphasising the expectation that trade partners abide by US trade deals. The official also advised all the trade partners to abide by the trade deals. The new 10% global tariff is part of Trump’s ‘s protectionist trade agenda, aimed at addressing balance-of-payments issues and unfair trade practices.
US President Donald Trump announced 10 per cent global tariffs effective immediately, following a major legal defeat at the US Supreme Court. The Supreme Court ruled 6-3 that the Trump administration exceeded its legal authority by using the International Emergency Economic Powers Act (IEEPA) of 1977 to impose broad-based import tariffs.
Terming SC’s ruling as a terrible decision, Trump announced he would sign an executive order for a 10% global tariff under Section 122 of the Trade Act of 1974. This authority allows for a temporary import surcharge (up to 15%) for 150 days to address balance-of-payments deficits. “Effective immediately, all the national security tariffs under Section 232 and existing Section 301 tariffs remain in place… Today, I will sign an order to impose a 10% global tariff under Section 122 over and above our normal tariffs already being charged,” Trump said.
