\n President Donald Trump said on Saturday that he will increase the global tariffs he imposed a day earlier to 15% from 10% following an adverse ruling at the Supreme Court.\n <\/p>\n
\n The court on Friday ruled that Trump exceeded his authority with the way he imposed tariffs on trading partners using the International Emergency Economic Powers Act (IEEPA), a law from 1977 reserved for national emergencies.\n <\/p>\n
\n Trump said in a Truth Social post that \u201ceffective immediately,\u201d he would be \u201craising the 10% Worldwide Tariff on Countries \u2026 to the fully allowed, and legally tested, 15% level.\u201d He added that the administration will determine and issue the new tariffs \u201cduring the next short number of months.\u201d\n <\/p>\n
\n After the 6-3 decision, Trump lashed out at the Supreme Court, calling the ruling \u201cdeeply disappointing<\/a>\u201d and adding that he was ashamed of the justices who ruled against his tariffs, which included his own appointees.\n <\/p>\n \n Trump said Friday that he would impose a 10% global tariff using presidential powers under trade law Section 122. Those tariffs were set to take effect at 12:01 a.m. ET on Tuesday.\n <\/p>\n \n The White House did not respond to CNN\u2019s request for comment on whether the 15% tariff will take effect on Tuesday.\n <\/p>\n \n The 15% duties would make this year\u2019s effective tariff rate 6%, according to Erica York, vice president of federal tax policy at the Tax Foundation. That\u2019s a measure of the estimated duties as a share of estimated imported goods for the year, according to the Tax Foundation.\n <\/p>\n \n Presidents can impose up to 15% in tariffs using Section 122, but those duties are temporary and require congressional approval after 150 days.\n <\/p>\n \n Trump imposed sweeping tariffs last year, including the so-called \u201creciprocal\u201d tariffs that have raised duties as high as 50% on key trading partners, including India and Brazil, and duties once as high as 145%<\/a> on China.\n <\/p>\n \n Trump may continue imposing duties using other trade laws. The administration has already used Section 232 investigations to impose across-the-board duties on steel, aluminum,<\/a> copper, lumber, furniture<\/a>, cars and car parts.\n <\/p>\n \n The administration could also use Section 301 to investigate countries that potentially violate other nations\u2019 trade agreements or practices in a way that is \u201cunjustifiable\u201d and \u201cburdens or restricts\u201d US business.\n <\/p>\n \n Another tactic would be to impose duties of up to 50% if the US believes trading partners are engaging in discriminatory trade practices, a move that could violate World Trade Organization agreement terms.\n <\/p>\n \n Trump is expected to discuss global trade Tuesday in the State of the Union address.\n <\/p>\n The winners and losers of Trump\u2019s tariff battle<\/p>\n \n For many countries, a 15% duty is better than the rates faced under the IEEPA tariffs.\n <\/p>\n \n Brazil, which faced duties as high as 50%, along with Canada, China, India, Indonesia, Mexico and South Africa, would face lower rates, noted Joe Brusuelas, chief economist at RSM US.\n <\/p>\n \n But countries like Argentina, Australia, Saudi Arabia and the United Kingdom would face higher tariffs, he added.\n <\/p>\n \n Brazil, India and many Asian countries that secured trade deals with Trump are \u201ctemporarily winners,\u201d said Kyle Handley, an economics professor at the University of California, San Diego. The administration could impose new tariffs on specific industries using other authorities, he said.\n <\/p>\n \n For now, retailers like Walmart, Target, Costco and Amazon stand to benefit from lower tariffs, Brusuelas said. Appliances were also hit hard by Trump\u2019s tariffs, which negatively impacted companies like Home Depot, Lowe\u2019s and IKEA.\n <\/p>\n \n While steel and aluminum tariffs remain unaffected, auto parts were \u201creciprocal,\u201d he added. That\u2019s good news for carmakers like GM, Ford and Toyota.\n <\/p>\n \n Consumers who paid higher prices on many items may not benefit from lower tariffs, and there\u2019s a lack of certainty about refunds for individual importers.\n <\/p>\n \n \u201cI\u2019ve got a feeling the American people won\u2019t see it,\u201d Treasury Secretary Scott Bessent said about refunds on Friday at an event hosted by the Economic Club of Dallas.\n <\/p>\n \n Items in stores may get cheaper as the imported inventory sells, Handley suggested, \u201cbut there won\u2019t be too much relief.\u201d And uncertainty will remain for many businesses and trading partners.\n <\/p>\n \n \u201cIt\u2019s not clear the president has nearly as much flexibility to run around and negotiate very particular deals with every single country, industry by industry. That era is over,\u201d said Handley.\n <\/p>\n","protected":false},"excerpt":{"rendered":"President Donald Trump said on Saturday that he will increase the global tariffs he imposed a day earlier…\n","protected":false},"author":2,"featured_media":303943,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-303942","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/303942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=303942"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/303942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/303943"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=303942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=303942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=303942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}