“… as President of the United States of America, effective immediately, I will be raising the global 10 percent tariff on countries… to the fully permissible and legally tested level of 15 percent,” Trump wrote in a post on Truth Social on Saturday.
Trump’s tariffs are illegal, the US Supreme Court ruled on Friday. The decision concerns tariffs imposed under the IEEPA, a 1977 law that gives the president the power to self-regulate trade. Trump has claimed there was an emergency when he imposed the tariffs on most of the US’s trading partners, which HD believes is false.
Trump called the decision for a “deep disappointment” – and countered with new tariffs. Citing Section 122 of the Trade Act 1974, he imposed a “global tariff” of 10 percent. The law allows the president to temporarily impose tariffs of up to 15 percent – which he did on Saturday.
The increase is based on a “thorough, detailed and complete review” of the United States Supreme Court’s decision, Trump said on Truth Social.
The new tariffs come into force on Tuesday. They are valid for 150 days, after which an extension must be approved by Congress.
Sweden’s Foreign Trade Minister Benjamin Dousa (M) reacts violently to the latest customs decision.
“This is not a serious way to conduct trade policy. The government will use our customs hotline to guide Swedish companies through all the different announcements. At the same time, it is clear that we need to become less economically dependent on the USA. The best way to do this is to find new markets for Swedish companies. That is why we are working day and night to conclude new free trade agreements with large parts of South America, India and Australia,” Dousa wrote in a comment to DN.
The EU has instruments We have to defend ourselves against the new tariffs from the USA, said French Trade Minister Nicolas Forissier to the Financial Times.
According to the newspaper’s sources, the answer could include an anti-coercion instrument (ACI), also known as a “commercial bazooka.”
ACI is a kind of political and economic tool that the EU can use to counter pressure from other countries. It could hit US technology companies through export restrictions, tariffs on US services sold in the EU and exclusion from doing business with EU authorities.
Read more:
Trump’s response to HD’s decision: Expect new tariffs
This is what happened in Trump’s tariff war
