Summary
President Donald Trump raised global tariffs from 10% to 15% after the Supreme Court ruled against his previous tariffs. The court said Trump's actions were unconstitutional because the power to set tariffs belongs to Congress. Trump's new tariffs use a different law, and they include some exemptions.
Key Facts
- President Trump increased global tariffs to 15% following a Supreme Court decision.
- The Supreme Court ruled 6-3 against Trump's previous tariff actions, stating Congress has the power to set tariffs.
- Trump's new tariffs are based on Section 122 of the Trade Act of 1974, allowing for a 15% maximum rate.
- These new tariffs can last 150 days unless Congress extends them.
- Some exemptions exist for critical products like minerals, metals, and energy.
- Trump's administration plans to look at other laws for imposing tariffs.
- Over $133 billion was collected from import taxes prior to the court's ruling.
- Many importers are filing lawsuits to get refunds following the Supreme Court's decision.
