Trump says he will raise global tariffs to 15% after Supreme Court decision
CBS News • • general
Key Points:
- President Trump announced he will raise his global tariff from 10% to 15% following the Supreme Court's decision to strike down a set of sweeping global tariffs, citing the ruling as "ridiculous" and "anti-American."
- The 15% tariff, allowed under Section 122 of the Trade Act of 1974, can be imposed for up to 150 days to address balance-of-payment issues, with the new tariffs scheduled to take effect starting February 24.
- Trump's previous tariffs were based on the International Emergency Economic Powers Act (IEEPA), which the Supreme Court ruled cannot be used to impose tariffs, prompting the shift to the Trade Act authority.
- The Yale Budget Lab estimates that the Supreme Court ruling combined with the new
