Trump now says he will raise global tariffs from 10% to 15%.
Uncertainty returns to international trade
BarcelonaUS President Donald Trump announced on Saturday that he will raise global tariffs from 10% to 15%. He made the announcement in a post on his social media platform, Truth Social. This announcement comes a day after the United States Supreme Court overturned the tariffs that Trump had imposed because he believed it should be approved by Congress.
On Friday, when the US Supreme Court's ruling was announced—a decision issued by a predominantly conservative court with the support of justices appointed by Trump himself—the US president announced that he would temporarily replace the tariffs struck down in the ruling with a new global tariff of 10%. But this Saturday morning in the United States, he has already stated that these global tariffs will not be 10%, but 15%.
Trump didn't hesitate to attack the judges who overturned the tariffs again, calling it a "ridiculous, poorly written, and extraordinarily un-American" ruling. He announced that "as President of the United States of America, I will be raising, effective immediately, the global tariff of 10% on various countries, many of which have been scamming The US for decades, without retaliation (until I came along!), up to the fully permitted and legally proven level of 15%."
Furthermore, Trump indicates that during the coming months, his administration "will determine and issue the new legally permitted tariffs." Tariffs that, successful in making America great again, greater than ever."
The fact is that while the Supreme Court invalidated the effect of the original tariffs under the International Emergency Economic Protection Act (IEEPA), Trump has ordered these new levies under another instrument, which is Section 12 of Section 122 of the US Directive, imposing maximum tariffs of 15% for an initial period of 150 days. But after this time, the tariffs can only be extended with the consent of the US Congress. This has become the key word regarding the future of world trade. We await the reaction of the markets when no one knows exactly how the situation will turn out. If so, how could they be reclaimed? And what about the various trade agreements the United States has signed with several countries around the world, for example, the one last July? And what about the other countries of the European Union (EU) to assess the consequences of the new scenario that will emerge after the US Supreme Court's decision? He believes a common position will be necessary.
French President Emmanuel Macron celebrated the Supreme Court's ruling on Saturday, which he believes demonstrates that there are "checks and balances in democracies," but he remained cautious about the consequences because, as he pointed out, just hours later Trump announced new tariffs. "We will adapt," Macron stated, adding that France wants to continue exporting and do so "under the fairest rules possible," with "reciprocity" and without suffering "unilateral decisions." (Friday) of the Supreme Court. "The separation of powers in the US seems to still be working, and that's good news," he said from his party's congress, the Christian Democratic Union (CDU), in Stuttgart, in an interview with public television. Merz indicated that during his upcoming trip to Washington, scheduled for March 2, he will try to discuss the issue. "Tariffs hurt everyone. They don't benefit some and they harm others. Above all, they harm the country that imposes the tariffs, because it's the consumers who pay them," the Chancellor warned. However, before speaking with the US leader, the German Chancellor plans to coordinate with the European Union, he said, since tariff policy is a matter for the EU. The Vice Chancellor noted that despite the US court ruling, uncertainty will remain in the medium term. "And Trump has already announced new tariffs. That's why the uncertainty remains high," she said in an interview with the newspaper. Frankfurter Allgemeine Zeitung.