President Donald Trump announced on Saturday that he is immediately raising the worldwide tariffs he imposed on Friday from 10 percent to 15 percent.
The post President Trump Raises Global Tariff Rate to 15 Percent appeared first on Breitbart.
President Donald Trump announced on Saturday that he is immediately raising the worldwide tariffs he imposed on Friday from 10 percent to 15 percent.
Trump unveiled the new tariff rate in a post on Truth Social:
Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court, please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been “ripping” the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level.
He added that his administration “will determine and issue the new and legally permissible Tariffs” in the months ahead.
After the Supreme Court ruled 6-3 to strike down Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA), Trump announced a worldwide 10 percent tariff under Section 122 of the Trade Act of 1974. The effective tariff rate, before it was raised on Saturday, was very close to the rate when the IEEPA tariffs were in place, as Breitbart News’s economics editor John Carney noted.
“[M]y IEEPA baseline effective tariff rates (with substitution effect) is the Yale Budget Lab’s 14.3,” Carney wrote on Friday night in a post on X.
“So I’m going to modify this. With the exemptions and other carve-outs in the EO, I think the effective rate is something closer to a post-substitution rate of 12%, so a bit lower than the IEEPA rate,” Carney added.
During a White House press briefing on Friday afternoon, Trump blasted the court’s decision, in which Chief Justice John Roberts and Trump-appointed justices Amy Coney Barrett and Neil Gorsuch sided with their liberal counterparts against the administration. Justices Clarence Thomas, Samuel Alito, and Brett Kavanaugh dissented.
“The Supreme Court’s ruling on tariffs is deeply disappointing, and I’m ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what’s right for our country,” he said.
