U.S.: Trump Said He Will Increase Tariffs 15%
The Wall St. Journal reports:
President Trump said he would increase to 15% a global tariff that will replace many of the duties ruled illegal by the Supreme Court.
In a social-media post on Saturday, the president said the new level, up from 10%, would take effect immediately. He said his decision to increase the tariff rate was the result of a “thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American” Supreme Court ruling.
On Friday the Supreme Court overturned most of Trump’s second-term tariffs, rejecting the administration’s argument that a 1977 law, the International Emergency Economic Powers Act, implicitly authorized the tariffs. Later that day, Trump denounced the ruling and immediately reinstated a 10% global tariff under a different authority—Section 122 of the Trade Act of 1974.
Section 122 allows for tariffs of up to 15% for 150 days.