Washington, February 21: President Donald Trump has announced an immediate 10% tariff on all countries following a recent Supreme Court ruling. Trump signed an order implementing the new tariff, stating that it will take effect right away.
After returning to power, Trump had previously declared his intention to impose varying tariffs on different countries based on his terms. However, the Supreme Court deemed his tariff decisions illegal. In response, Trump has now introduced the 10% tariff, which is set to be enforced immediately.
On his platform Truth Social, Trump expressed, “It is an honor for me to sign a global 10% tariff from the Oval Office, which will be implemented almost immediately. Thank you for your attention to this matter!”
Earlier, during a press conference, Trump remarked, “The court said I am not allowed to charge even one dollar. I would have used a dollar, but now we are not making money. We are saving money. Under the International Economic Emergency Powers Act (IEEPA), I cannot charge any country even one dollar.”
He added, “This would have been done to save those other countries, not for America. But I am allowed to end any trade or business with those countries. In other words, I can terminate trade. I can impose a ban on any other country. I can do whatever I want, but I cannot charge one dollar because it is not written that way. I can do anything I want with them, but I cannot charge any money.”
Trump stated that he is permitted to ruin the country but cannot charge them a small fee. “Just think about how strange that is! I can impose restrictions on them. I can tell them, ‘You cannot do business in America anymore. We want you out of here.’ But if I want to charge them ten dollars, I cannot do that.”
The White House announced that countries like India, the UK, the European Union, and Japan, which have trade agreements with Trump, will temporarily face the same 10% tariff. The Supreme Court has ruled against the government’s use of emergency tariff powers under the IEEPA.
After the IEEPA authority was revoked, when the president signed a new order regarding this matter, a White House official stated, “The United States Supreme Court has ruled that the president cannot impose tariffs using IEEPA legal authority.”
The official further explained that the countries that negotiated trade arrangements with Trump were subjected to tariffs using IEEPA legal authority. Now that this authority is no longer in effect, a 10% global tariff will be imposed on those countries using Section 122 legal authority.
The official concluded, “However, this is only temporary as the government will seek to implement more accurate or pre-established tariff rates through other legal authority. In the meantime, we hope that all countries will continue to reduce trade barriers and adhere to their trade deal commitments, which remain unchanged.”
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K.K./A.S.
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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