US tariff shift boosts trade and investment

Trade barriers: People ride boats in a canal as the sun sets behind the tall Buddha statue of Wat Paknam Phasi Charoen temple in Bangkok. Thai exports are set to benefit because the tariff rate has fallen from the previous 19% to 15%. — AFP

BANGKOK: The collection of Donald Trump’s retaliatory customs tariffs under the International Emergency Economic Powers Act was ruled unlawful by the US Supreme Court last Friday.

Following the Supreme Court’s ruling, the US President signed an executive order to enforce a new global customs tariff of 10% under Section 122 of the Trade Act of 1974, which came into effect yesterday.