Summary
President Donald Trump's tariff policy remains unchanged despite a recent Supreme Court ruling that challenged a legal basis he used to impose many tariffs. The Supreme Court said Trump had overstepped his powers with the tool he used to enact these tariffs. In response, Trump announced new tariffs using a different law that requires Congressional approval after 150 days.
Key Facts
- President Trump's trade representative says the tariff policy has not changed, despite the Supreme Court ruling.
- The Supreme Court found Trump overstepped his authority using the 1977 International Emergency Economic Powers Act for tariffs.
- Trump announced new global tariffs, starting at 10% and later increasing to 15%, using a different legal tool.
- The new legal tool for tariffs lasts 150 days, after which Congress must approve an extension.
- Trump's administration is exploring other legal options to impose further tariffs.
- Critics argue tariffs cause higher prices for consumers and harm the global economy.
- The Federal Reserve Bank of New York found U.S. companies pay 90% of the increased costs from tariffs.
- Countries with individual deals with the U.S. now face a new 15% global tariff rate after the Supreme Court decision.
