In a six to three majority ruling, the Supreme Court ruled that tariffs on products entering the US were not allowed using the International Emergency Economic Powers Act 1977 (IEEPA).
Moving quickly to reinstate tariffs in some form, president Donald Trump issued two executive orders over the weekend introducing a new 15% global tariff, valid for 150 days initially. This can be extended if congress approves the measure.
Trump posted to Truth Social, stating his intention to implement a ‘fully allowed, and legally tested, 15% level’.
The president said: ‘During the next short number of months, the Trump administration will determine and issue the new and legally permissible tariffs, which will continue our extraordinarily successful process of making America great again.’
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