Summary
President Trump announced that he will sign an executive order to impose a 10% tariff on goods from all countries. This move follows a Supreme Court decision that blocked some existing tariffs. The new tariffs are allowed under the Trade Act of 1974, which lets the President set tariffs for a limited time.
Key Facts
- President Trump plans to impose a 10% tariff on imports from all countries.
- This action follows a Supreme Court decision that overturned previous tariffs.
- The tariffs are being imposed under Section 122 of the Trade Act of 1974.
- The Trade Act of 1974 permits tariffs for up to 150 days.
- The tariffs under this act can go up to 15%.
- President Trump cited addressing trade deficits as a reason for the tariffs.
