Donald Trump says he will increase global tariff rate to 15%
The US Supreme Court ruled that the president did not have the emergency power to impose many sweeping tariffs.
US President Donald Trump has said he is raising the global tariff he wants to impose to 15%, up from the 10% he had announced a day earlier.
Mr Trump said in a social media post that he was making the decision “Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday,” by the US Supreme Court.
After the court ruled he did not have the emergency power to impose many sweeping tariffs, Mr Trump signed an executive order on Friday night that enabled him to bypass Congress and impose a 10% tax on imports from around the world.
The catch is that those tariffs would be limited to just 150 days, unless they are extended legislatively.
Mr Trump’s post was the latest sign that the Republican president was intent on continuing to wield in an unpredictable manner his favourite tool for the economy and to apply global pressure.
His shifting announcements over the last year that he was raising and sometimes lowering tariffs with little notice jolted markets and rattled nations.
Under the order Mr Trump signed on Friday night, the 10% tariff was scheduled to take effect from February 24.
In addition to the temporary tariffs that Mr Trump wants to set at 15%, the president said on Friday that he was also pursuing tariffs through other sections of federal law which require an investigation by the Commerce Department.
