New global tariffs of 10 percent, introduced by US President Donald Trump, have taken effect after the Supreme Court of the United States on Friday blocked a series of his earlier, sweeping import duties. Just a few hours after the ruling, the president signed an executive order introducing the new tariff as of February 24.
Trump later threatened to raise the tariff to 15 percent, but has not yet issued an official directive increasing the rate.
The administration is imposing the new levy by invoking Section 122 of the Trade Act of 1974, which allows the president to introduce duties for a period of 150 days without congressional approval, reports BBC.
The executive order states that the aim of the temporary import tariff is to “address fundamental problems in international payments and allow the administration to continue working on establishing balance in trade relations in favor of American workers, farmers, and manufacturers.”
The president has argued that the tariffs are necessary to reduce the US trade deficit, that is, the amount by which imports exceed exports. However, the deficit reached a new record level last week, increasing by 2.1 percent compared to 2024, to about $1.2 trillion.
According to the latest official data, the US has already collected at least $130 billion in tariffs under the International Emergency Economic Powers Act of 1977 (IEEPA), which the Supreme Court has now challenged.
Trump sharply criticized the Supreme Court’s decision, calling it “ridiculous, poorly written, and extremely anti-American.” In a 6–3 ruling, the justices determined that the president had exceeded his authority when he imposed sweeping global tariffs last year by invoking IEEPA.
Following the ruling, Trump yesterday threatened to impose even higher tariffs on countries that are “playing games” with recent trade agreements. His warning came as countries around the world assess which trade deals and tariffs will remain in force.
The European Union announced that it will halt ratification of the agreement reached this summer, while India announced a postponement of previously scheduled talks on finalizing the recent deal.
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Source: Nova.rs; Foto: EPA-EFE / SHAWN THEW