On the evening of February 21st (Washington time), US President Donald Trump announced that he would continue to raise global tariffs on goods imported into the US from 10% to 15%.

Previously, the new 10% rate was announced just one day earlier after the US Supreme Court rejected the Trump administration's sweeping tariffs.

In a post on the social media platform Truth Social, President Trump asserted that the tariffs would take effect immediately and were "legally verifiable." The American leader also described the previous Supreme Court ruling aimed at limiting his tariff policy as an "extremely anti-American decision."

Immediately after the U.S. Supreme Court rejected President Trump's broad retaliatory import tariffs based on the International Emergency Economic Powers Act (IEEPA), President Donald Trump announced he had signed an executive order imposing new global tariffs of 10% under Section 122 of the Trade Act of 1974, effective February 24th. This order exempts a long list of products from the new tariffs, including beef, tomatoes, oranges, pharmaceuticals, passenger cars, and certain key minerals. Products covered by trade agreements with Canada and Mexico are also exempt.

According to CNBC News, Section 122 of the US Constitution allows the President to impose tariffs of up to 15% for a maximum of 150 days to address the trade deficit. After this period, any extension requires congressional approval. However, President Trump asserted that he would find other ways to impose tariffs without going through Congress. He also declared that all tariffs in effect under Sections 232 and 301 remain "in full effect." Furthermore, the US administration is using Section 301 to open investigations into potential unfair trade practices, which could lead to new tariffs.

Source: VTV

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