US President Donald Trump is going to double down on tariffs despite the US supreme court’s decision ruling against the so-called Liberation Day tariffs on Feb 20. The immediate reaction from him was to invoke Section 122 of the 1974 Trade Act that allows for the imposition of tariffs from 10% to 15%.
He first announced a 10% global tariff rate, which was raised the following day to 15%. This is for all goods imported into the United States. The 10% global tariff rate took effect from Feb 24 and will run for 150 days, after which Trump will need to get the US congress to extend.
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