Summary
President Donald Trump has introduced new tariffs affecting goods from all countries, leading to uncertainty for businesses and consumers. The changes follow a Supreme Court decision blocking a previous law, prompting Trump to use another law to impose a 15% tariff. Key issues include the potential impact on existing trade deals and increased costs for exporters.
Key Facts
- President Trump introduced a new 15% tariff on goods from all countries.
- This change follows a Supreme Court ruling that stopped Trump from using a different law to levy broad import taxes.
- The new tariff is based on Section 122 of the 1974 Trade Act.
- The tariff is temporary, lasting up to 150 days unless Congress acts.
- Countries like the UK and Australia face potential changes to their previously negotiated 10% tariffs with the US.
- The British Chambers of Commerce expressed concerns about the ongoing uncertainty and lack of clear information.
- Businesses are worried about higher costs, which may lead to increased prices for consumers.
- The UK's export costs to the US may rise by £2-3 billion due to the 15% tariff.
