US President Donald Trump announced that he had signed the decision to introduce a global tariff of 10 percent for all countries.
US President Trump shared the issue on his Truth Social account.
“I am deeply honored to have just signed a global 10 percent tariff rate for all countries,” he posted. In his statement, Trump indicated that these tariffs would take effect almost immediately.
Some products are excluded from this tariff
The White House statement said Trump signed the decision to impose a temporary import tax.
The statement noted that Trump used the powers granted to him under Article 122 of the Trade Act of 1974 and emphasized that this article gives the President the authority to address certain fundamental international payment problems through additional taxes and other special import restrictions.
The statement said that in this regard, a 10 percent import tax will be imposed on products imported into the US for 150 days and the decision will come into force from February 24.
The statement said that some products are not subject to the temporary import tax, and some items such as critical minerals, energy products, some agricultural products, pharmaceuticals, certain electronic and automotive products, aviation products and information materials are exempt from the tax.
The statement also noted that the products covered by Article 232, Canadian and Mexican goods under the U.S.-Mexico-Canada Agreement, and some textile products from certain Central American countries are also excluded.
The White House statement also noted that Trump had directed the US Trade Representative to investigate inappropriate and discriminatory trade actions against the country using his Article 301 powers.
The Supreme Court has made its decision
The US Supreme Court ruled yesterday that the International Emergency Economic Powers Act (IEEPA), on which Trump's tariffs were based, did not give the president the authority to impose tariffs.
Trump said at the press conference about the decision: “Foreign countries that have been robbing us for years are very happy, they are dancing in the streets. But you can be sure that they are far from being able to dance.” he said.
Trump stated that there are even stricter methods than the IEEPA tariffs that he could use as president and announced that he would sign a decision to impose a global tariff of 10 percent in addition to the tariffs already in place under Section 122 of the Trade Act of 1974.
Trump said he would open various investigations under Section 301 and other articles to protect the U.S. from unfair trade practices by other countries and companies.
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