Washington, USA – Web Desk: U.S. President Donald Trump has announced an increase in global trade tariffs from 10% to 15%, despite a recent Supreme Court ruling that had declared his additional tariffs on foreign nations illegal.
Trump stated that as president, he has raised the tariffs to 15% to address what he described as decades of economic exploitation by several countries. He added that his administration will implement new, legally permissible tariffs in the coming months.
The Supreme Court had ruled on Friday that the law under which Trump had imposed the additional tariffs was designed for national emergencies, and therefore did not allow the president to levy extra duties on foreign imports.
In response, Trump emphasized that he retains executive authority to take action, warning that the affected countries’ economic comfort would be short-lived. Immediately following the court decision, Trump had initially imposed a 10% tariff on all nations, which has now been increased to 15%.
The move is expected to escalate trade tensions with several major trading partners and could impact global markets in the coming weeks.
