Barely 24 hours after responding to his “reciprocal” tariffs being struck down and his retaliation of a 10% global tariff, President Donald Trump has upped the damage by making it 15%.
Tim Cook [left], President Donald Trump [right]
Tim Cook [left], President Donald Trump [right]
On Friday, the Supreme Court ruled that sweeping tariffs introduced by President Trump were done illegally. While Trump’s retaliation was expected, it seems that he didn’t believe he went far enough with his new tariff plan.
Trump introduced a new global import tariff of 10% under Section 122 on Friday, which follows rules including being a uniform rate instead of country-specific, and for a limited term of up to 150 days unless Congress extends the period. However, Section 122 did permit temporary tariffs of up to 15%, higher than the 10% rate set by the President.