After the US Supreme Court’s decision regarding tariffs, Donald Trump made a big announcement on Friday (February 20). Trump talked about imposing 10 percent extra tariff on all countries. He said that he will sign a new order under Section 122, which will impose an additional 10 percent tariff on top of the existing tariff. According to the White House fact sheet, this new tariff will be effective from 12:01 am on February 24.
The US Supreme Court, in a 6-3 majority verdict, repealed the global tariffs imposed by Donald Trump. The court said that the President cannot impose tariffs without the approval of Congress under the IEEPA, because Congress has constitutional authority over matters related to trade and revenue.
Court bowed before foreign forces- Trump
After this decision of the Supreme Court, Trump said in a press conference that this decision is disappointing. I am embarrassed by some members of the court. Trump did not stop here but instead he alleged that the court has bowed down to foreign forces. Trump said, ‘Foreign countries are very happy. They think they stopped us but such countries will not be happy for long.”
Trump said that today I will sign an order, under which a 10 percent global tariff will be imposed under Section 122, which will be in addition to the normal tariff. It was also said that this new tariff will remain effective for about 5 months. During this period, investigations will be initiated to determine tariffs on many countries.
‘I have the right to impose tariffs’
Trump said that the Supreme Court’s decision only limits tariff collection but does not ban other types of bans. He said that I will take even stronger decisions. When asked why he doesn’t work with Congress on tariff policy, Trump said, ‘I don’t need to. “I have the authority to impose tariffs and always have.”
What will happen to the billions of dollars recovered from tariffs?
On the question of return of billions of dollars of revenue collected from tariffs, Trump said that this matter could go on in the courts for many years to come. We have recovered hundreds of billions of dollars, not millions, hundreds of billions. Now the question is what will happen to that money? I think this case will continue in the courts for the next 2 years or maybe 5 years.
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