Trump to enact 10% global tariff by executive order after SCOTUS strikes down his flagship economic agenda
However the 10% tariffs announced on Friday can only remain in effect for 150 days
In a press conference given on Friday after the U.S. Supreme court struck down his sweeping tariffs, U.S. President Donald Trump said he will impose a global 10% tariff as an alternative while pressing his trade policies by other means.
Trump added that it was unclear if or when there would be any refunds, adding that the matter could take years to litigate.
America's highest court struck down some of Trump’s most sweeping tariffs in a 6-3 decision that he overstepped his authority when using an emergency powers law to justify new taxes on goods from nearly every country in the world.
Trump's retaliatory decision to impose a 10% global tariff would be made under Section 122 of the Trade Act of 1974 and the duties would be over and above tariffs that are currently in place. The statute allows the president to impose duties of up to 15% for up to 150 days on any and all countries related to "large and serious" balance of payments issues. It does not require investigations or impose other procedural limits.
Trump's decision to lean on other statutes, including Section 122, while initiating new investigations under Section 301 had been widely anticipated.