Despite a promise to implement them at a greater rate, US President Donald Trump’s new global tariffs have already taken effect at a rate of 10%. The president announced he will implement a 10% global rate after the Supreme Court on Friday invalidated many of his broad import levies. The rate would be 15%, he added on Saturday. Official documents, however, state that the tariffs have been established at the lower amount as of Tuesday and that no direction to raise the rate has been issued. The White House has been approached by the BBC for a statement.
A White House official told Reuters that the administration is working to revise the rate to 15% in light of Trump’s remarks, but they did not specify when the change may take effect. Investment bank ING analyst Carsten Brzeski stated, “I think it simply adds to the chaos and mess,” in reference to the rapidly shifting tariffs and how they affect companies.We’re back to where we were last year in terms of uncertainty,” he said on the BBC’s Today show, adding that there was now a greater chance of retaliation from the US’s trading partners.”Compared to last year, there is a much greater chance of a true, full-fledged tariff war, or trade war, escalation,” he stated.
“Address fundamental international payments problems and continue the Administration’s work to rebalance our trade relationships to benefit American workers, farmers, and manufacturers” was the stated purpose of the temporary 10% import levy, which was signed by Trump on Friday. Section 122 of the 1974 Trade Act, which permits the president to impose the tax for 150 days without congressional permission, is being used by the administration to implement the levy.
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