Trump states he will implement a 150-day, 10% global tariff

Investing.com - U.S. President Donald Trump announced on Friday that he plans to implement a 10% global tariff for 150 days to replace the emergency tariffs overturned by the Supreme Court.

Trump stated that the order will be issued under Section 122 of the Trade Act of 1974, with tariffs imposed in addition to existing tariffs. This regulation allows the president to impose tariffs up to 15% on any country and all countries regarding balance of payments issues, for a maximum of 150 days. The regulation does not require an investigation or impose other procedural restrictions.

The Supreme Court ruled that the broad global tariffs imposed by Trump under the International Emergency Economic Powers Act were illegal, finding that he exceeded the authority granted by that law.

Trump said that his administration has alternative options available. He pointed out that these alternative tools could generate more revenue and strengthen the country’s position.

Trump also stated that the government will initiate multiple Section 301 investigations into unfair trade practices to protect the nation from unfair trade actions by other countries and companies.

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