Seoul, Feb 23 (IANS) South Korea will continue holding “amicable” consultations with the United States on tariff issues to safeguard the favourable export conditions secured through its bilateral trade deal with the US, Seoul’s industry minister said on Monday.Kim Jung-kwan, minister of trade, industry and resources, also vowed continued support for local businesses to boost their global competitiveness amid trade uncertainties, reports Yonhap news agency.”Under the principle of maximising natio…
Latest International Emergency Economic Powers Act News & Updates
Washington, Feb 23 (IANS) US Treasury Secretary Scott Bessent has sought to shift the spotlight away from whether the Trump administration will refund nearly $134 billion collected under now-invalidated emergency tariffs, saying that the Supreme Court’s decision was “very narrow” and that the White House is moving quickly to new tariff authorities that keep 2026 revenue projections “unchanged”. In an interview with the CNN on Sunday, Bessent rejected the premise that refunds are the central issu…
Washington, Feb 23 (IANS) US Trade Representative Jamieson Greer has sought to calm global nerves after the Supreme Court struck down a key plank of President Donald Trump’s tariff regime, telling allies and trading partners that existing agreements remain safe and that Washington’s trade policy “hasn’t changed” despite a shift in legal tools. In an interview to a top US television channel on Sunday, Greer signalled that while the Trump administration is pivoting from emergency powers to other…
New Delhi, Feb 22 (IANS) India and Washington have decided to reschedule the official meeting over the interim bilateral trade agreement, so that both sides can factor in the implications of the US Supreme Court judgment striking down the Trump administration’s tariff hikes, according to reliable sources.A three-day meeting between teams headed by the chief trade negotiators of the two countries was earlier slated to take place in the US on February 23.A senior official confirmed that the propos…
Washington, Feb 22 (IANS) US President Donald Trump raised a newly imposed global tariff to 15 per cent, invoking Section 122 of the Trade Act of 1974 as reported by The Wall Street Journal, a move that escalates his trade offensive a day after the US Supreme Court struck down much of his earlier tariff regime.In a post on Truth Social, Trump said the increase followed “a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Ta…
New York, Feb 22 (IANS) US President Donald Trump said that he will raise the new global tariff to 15 per cent, one day after he announced a 10 per cent worldwide duty following a heavy blow from the Supreme Court.”I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” …
New Delhi, Feb 21 (IANS) As US Supreme Court struck down President Donald Trump’s use of emergency powers to impose sweeping “reciprocal” tariffs, analysts said on Saturday that roughly 55 per cent of India’s exports to the US is likely to be subjected to Most Favoured Nation (MFN) tariffs, instead of 18 per cent duties (which have now been lowered to 10 per cent).MFN tariffs are the base rates the US applies to all World Trade Organisation (WTO) members and the average US MFN tariff on …
Washington, Feb 21 (IANS) The son of Indian immigrants who once served as America’s top courtroom advocate has emerged as the face of a landmark Supreme Court judgement that overthrew President Donald Trump’s sweeping tariffs.Neal Katyal, a former Acting Solicitor General of the United States, argued against Trump’s use of the 1977 International Emergency Economic Powers Act (IEEPA) to impose what he described as “unjust, unconstitutional taxes” on imports from nearly every trading par…
Washington, Feb 21 (IANS) US President Donald Trump has mounted a forceful and combative defence of his trade agenda after the Supreme Court curtailed his use of a key tariff authority, accusing unnamed “foreign interests” of influencing the justices, announcing a new 10 per cent global tariff and signalling that even steeper trade measures — including embargoes — could follow. Speaking at a White House news conference on Friday afternoon that blended grievance, policy, and political activism,…
Washington, Feb 21 (IANS) The White House has clarified that India will face a 10 per cent tariff temporarily following US President Donald Trump’s announcement of a new global tariff order, replacing the earlier International Emergency Economic Powers Act (IEEPA)-based duties that were struck down by the Supreme Court. “The 10 per cent would replace the IEEPA tariffs (50 U.S.C. 1701 et seq.) that were just struck down,” a White House official told IANS on Friday afternoon.Early this month, Trum…