Trump's new global tariff comes into effect at 10%
BBC • • nation
Key Points:
- US President Donald Trump's new global tariffs have come into effect at a 10% rate, lower than his initially announced 15%, following a Supreme Court ruling limiting his authority on import taxes.
- The White House is reportedly working to update the tariff rate to 15%, but no timeline has been provided, creating uncertainty for businesses and increasing the risk of trade retaliation.
- The Supreme Court ruled that Trump exceeded his authority by imposing tariffs under the International Emergency Economic Powers Act (IEEPA), potentially opening the door for businesses to seek billions in tariff refunds.
- Businesses impacted by the tariffs express relief at the lower rate but remain concerned about the lack of clarity and potential future increases, with some already pursuing refunds for unlawful tariffs paid.
