U.S. President Donald Trump announced on his social media that he is increasing the temporary tariff on imports from 10% to 15%, despite official government information stating it remains at 10%.
On Saturday, the President of the United States, Donald Trump, declared via his social media that he intends to raise the temporary tariff on imports from 10% to 15%. This announcement follows his irritation with the Supreme Court's decision, prompting him to impose the 10% tariff under a different legislation, Section 122 of 1974, effective Tuesday. In his post, Trump criticized foreign nations for allegedly taking advantage of the U.S. and stated his actions are a necessary retaliation for decades of unfair trade practices.
Despite Trump's claims of a tariff increase, official government sources maintained that the current rate would stay at 10% at the time of his announcement. The implementation of Section 122 grants the President the authority to temporarily impose tariffs of up to 15% on imports during periods of significant payment balance deficits. This legal basis could lead to confusion regarding the actual rate applicable to U.S. imports, highlighting the tensions in trade policy.
Trump's potential tariff hike could have wide-ranging implications for international trade relations and U.S. consumers, raising concerns about increased costs on imported goods. By asserting the increase through social media, Trump employs a direct communication strategy that bypasses traditional media outlets, potentially influencing public perception and market reactions directly.
