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US President Donald Trump has said he will raise his new global tariff rate to 15 per cent from 10 per cent, a day after the US Supreme Court struck down his policy.
Trump signed a proclamation slapping a temporary 10 per cent duty on imports under section 122 of the 1974 trade act, which allows the president to import restrictions for up to 150 days.
It was one of the alternative measures he vowed to use after the Supreme Court ruled he had exceeded his authority in using the International Emergency Economic Powers Act to impose tariffs on dozens on countries.
Earlier today, Trump said in a social media post that he was effective “immediately raising the 10 per cent Worldwide Tariff on Countries, many of which have been ripping the US off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15 per cent level.”
“During the next short number of months, the Trump administration will determine and issue the new legally permissible tariffs.”
