President Donald Trump announced on Saturday that he intends to raise the global tariff rate to 15%, an increase from the 10% he had declared just a day earlier.This announcement follows a Supreme Court ruling that invalidated many of the tariffs he had imposed on imports over the past year.
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wsls.comcbsnews.comThe Supreme Court, in a 6-3 decision, ruled that Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs was unconstitutional, stating that the power to tax lies with Congress.
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cbsnews.comnbcnews.comIn light of this decision, Trump indicated he would utilize alternative legal methods to maintain these tariffs.
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wyff4.comIn a social media post, Trump criticized the Supreme Court's ruling, calling it "ridiculous" and "anti-American." He stated that his decision to raise the tariff was based on a "thorough, detailed, and complete review" of the court's decision.
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wsls.comThe newly proposed tariffs will be implemented under Section 122 of the Trade Act of 1974, which allows the president to impose duties of up to 15% for a period of 150 days if there are "large and serious" balance-of-payments issues.
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nbcnews.comTrump's earlier tariffs, which have generated over $133 billion for the Treasury, were primarily imposed under the IEEPA.
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cbsnews.comwyff4.comDespite the Supreme Court ruling, Trump expressed confidence that his administration could effectively navigate this legal landscape to continue applying tariffs.He noted that his team would be exploring other federal law provisions that require investigations by the Commerce Department, indicating that this process would take some time but ultimately yield significant revenue.
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wyff4.comyahoo.comTrump's tariff policies have been a cornerstone of his economic strategy, aimed at addressing trade imbalances and revitalizing American manufacturing.
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wsls.comyahoo.comHe has consistently claimed that foreign countries bear the cost of these tariffs, despite evidence showing that American consumers and businesses often absorb the financial burden.
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wsls.comFollowing Trump's announcement, criticism emerged from both Democrats and some Republicans.Democrats on the House Ways and Means Committee accused Trump of "pickpocketing the American people" with his tariff increases, asserting that the new rates would raise costs for consumers.
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wsls.comCalifornia Governor Gavin Newsom also weighed in, suggesting that Trump does not care about the economic impact on the average American.
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cbsnews.comAs the political landscape evolves, the implications of Trump's tariff strategy remain uncertain, particularly with the upcoming midterm elections focusing heavily on affordability issues.
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wyff4.comThe administration's actions are expected to face scrutiny as Congress considers the legal and economic ramifications of this new tariff policy.
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nbcnews.comyahoo.comIn summary, Trump's swift move to increase tariffs to 15% underscores his unwavering commitment to his trade agenda, even in the face of judicial setbacks.The unfolding situation will likely continue to provoke significant debate among lawmakers and the public alike as the administration seeks to implement these changes.
