Trump raises import tax from 10% to 15%
U.S. President Donald Trump announced an increase in the import tax from 10% to 15%, citing a Supreme Court ruling as a reason for this decision.
U.S. President Donald Trump announced on Saturday that he plans to implement an additional 15% customs tariff on goods imported into the U.S., up from the previously stated 10%. This announcement came after a Supreme Court ruling, which Trump characterized as "ridiculous, poorly written, and extremely anti-American," deemed that he had overstepped his authority in imposing a series of tariffs that destabilized global trade. Despite this setback, Trump continues to pursue aggressive trade policies, particularly concerning imports of key materials like steel and aluminum.
Following the Supreme Court's ruling on Friday, which indicated that Trump exceeded his powers regarding tariffs, he signed an order that allowed him to bypass Congress and establish a 10% import tax. However, this tax has a limited duration of 150 days unless extended through legislative means. The implications of his increased tariff policies could have significant ramifications for international trade, potentially leading to retaliatory measures from other countries, and affecting the U.S economy as global trade dynamics shift.
The announcement from Trump illustrates his administration's ongoing tumultuous relationship with the judiciary and underscores a reliance on unilateral executive actions concerning trade policies. As reactions from various sectors of the economy and international partners unfold, it remains to be seen how these tariff changes will play out in the broader context of U.S. trade relations and domestic economic stability.