On Saturday, President Trump announced his decision to raise the global tariff from 10% to 15%. This move follows a recent ruling by the Supreme Court that overturned a set of broad global tariffs.
Trump expressed his frustrations on social media, calling the Supreme Court’s decision “ridiculous” and “anti-American.” He stated that the new tariff would begin immediately, asserting that many countries have been taking advantage of the U.S. for years.
The president had initially signed a proclamation to impose a 10% tax on most imports, which allows him to set tariffs up to 15% for 150 days without needing Congressional approval. However, this could face legal challenges.
On top of the temporary tariffs, Trump mentioned looking into additional tariffs through different sections of federal law, requiring a Commerce Department investigation.
The Yale Budget Lab, a nonpartisan research center, estimates that the combination of the Supreme Court’s ruling and the new tariff could cost American households an average of $1,315 a year if the tariff is extended. This highlights how tariffs can impact everyday citizens.
The Supreme Court ruling did not affect other tariffs imposed under different legal authorities, such as those on steel, aluminum, and auto imports.
After the ruling, Trump targeted the justices, including two he had appointed, Neil Gorsuch and Amy Coney Barrett, calling them an embarrassment. He later praised Justice Brett Kavanaugh and two other dissenting justices, emphasizing their devotion to “Making America Great Again.”
In today’s context, tariffs can stir significant debate. As of now, Trump’s approach reflects ongoing tensions in U.S. trade policy. Some view tariffs as beneficial for protecting American jobs, while others argue they lead to higher prices for consumers. Recent surveys suggest that opinions on tariffs are deeply split, highlighting the challenges any president faces in balancing economic protectionism and consumer costs.
For further insight, you can visit the Yale Budget Lab’s research.
Source link
Donald Trump
