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Trump Slaps 15% Tariff On All Countries

India studying implications

Washington: US President Donald Trump said on Saturday he will raise temporary tariffs on almost all US imports from 10 per cent to 15 per cent, the maximum level allowed under the law, after the US Supreme Court struck down his previous tariff program as invalid.

Trump had immediately announced a 10% across-the-board tariff on Friday after the court's decision, which found the president had exceeded his authority when he imposed an array of higher rates under an economic emergency law.
Commenting on the 10 per cent tariff, the Indian government on Saturday said it is studying these and their implications.
The new levies are grounded in a separate law, known as Section 122, that allows tariffs up to 15 per cent but requires congressional approval to extend them after 150 days.
In a social media post on Saturday, Trump said he would use that period to work on issuing other "legally permissible" tariffs. The administration intends to rely on two other statutes that permit import taxes on specific products or countries based on investigations into national security or unfair trade practices.
"I, as President of the United States of America, will be, effective immediately, raising the 10 per cent Worldwide Tariff on Countries, many of which have been 'ripping' the US off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15 per cent level," he wrote in a Truth Social post.
Trump has shown little sign of backing off his global trade war in the hours since the court's 6-3 decision, attacking individual justices in personal terms and insisting he retained the power to impose tariffs as he sees fit.
The Indian commerce ministry in a statement said the government is studying the developments on the US tariffs and their implications.
“We have noted the US Supreme Court judgement on tariffs yesterday (Friday). US President Donald Trump has also addressed a press conference in this regard. Some steps have been announced by the US administration. We are studying all these developments for their implications,” it said.
Earlier this month, both countries agreed to finalise an interim trade deal, under which Washington agreed to cut down the tariffs to 18 per cent. So far, the punitive 25 per cent has been removed. The remaining 25 per cent exists.
After the proclamation, the tariffs on Indian goods will be 10 per cent from the existing 25 per cent. Now Trump has again announced hiking these tariffs to 15 per cent. This levy, if notified, will be over and above the existing MFN or import duties in the US.
For instance, if a product faces a 5 per cent MFN duty, an additional 15 per cent will be imposed, taking the effective duty to 20 per cent. Earlier, this was 5 plus 25 per cent. Agencies


( Source : Deccan Chronicle with agency inputs )
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