US President Donald Trump has increased the global tariff to 15%, citing Section 122 of the Trade Act of 1974. This move comes right after the US Supreme Court invalidated a significant portion of his previous tariff policy. Trump announced the tariff hike on Truth Social, criticizing the Supreme Court’s decision on tariffs.
The newly imposed 15% tariff will be in effect for 150 days unless Congress extends it. This tariff, under Section 122, is a first-time occurrence and applies universally to all imports. Trump expressed his intention to set new tariffs in the coming months to further his administration’s agenda of “Making America Great Again.”
In response to the Supreme Court’s ruling, Trump expressed disappointment and singled out certain members of the Court for lacking courage. Despite the setback, Trump raised the global tariff from 10% to the maximum permissible 15%. This decision indicates his commitment to pursuing an aggressive trade approach.
The Supreme Court’s decision has nullified tariffs that had generated over $130 billion in import taxes. This ruling raises concerns about potential refunds and introduces uncertainty for companies and foreign governments. Trump’s administration is now expected to consider other tariff authorities for more specific and lasting tariff implementations.
