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,” …
Latest International Emergency Economic Powers Act News & Updates
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…
New Delhi, Feb 20 (IANS) Industry experts said on Friday that the US Supreme Court ruling against reciprocal tariffs raises questions about whether importers could receive refunds for tariffs collected under the International Emergency Economic Powers Act (IEEPA). Economists estimate that $150 to $175 billion in tariff collections may be at risk if refunds are required.Justice Brett Kavanaugh said in the ruling that, “nothing today about whether, and if so how, the government should go about r…
New Delhi, Feb 20 (IANS) Senior Congress leader and former Union minister Jairam Ramesh has hailed the US Supreme Court’s landmark ruling that struck down most of the sweeping tariffs imposed by President Donald Trump. In a post on his X handle, Ramesh wrote, “Hats off to the US Supreme Court for striking down President Trump’s entire tariff strategy! Quite an amazing decision given its ideological composition. A 6-3 verdict is decisive.”The ruling delivered on Friday marks a major setba…
Washington, Feb 20 (IANS) In a major setback to President Donald Trump’s economic agenda, the US Supreme Court on Friday struck down most of his sweeping tariffs, ruling that he lacked authority under a 1977 emergency law to impose broad import levies on America’s trading partners across the world, including India.The ruling marks a rare instance of the conservative-led court reining in Trump’s use of executive power. According to Politico, the court in a 6-3 decision struck down the tarif…
Seoul, Jan 12 (IANS) State-run trade agencies pledged on Monday efforts to diversify South Korea’s export items and support envisioned corporate investments in the United States under a bilateral trade deal.The Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Trade Insurance Corp. (K-SURE) shared such plans for 2026 at a policy briefing to the Ministry of Trade, Industry and Resources, reports Yonhap news agency.KOTRA said it will work to diversify Korea’s export items, currently co…