Summary
President Donald Trump introduced new 10% tariffs on imported goods after the Supreme Court canceled most of his old tariff policies. The tariffs are in effect for 150 days starting Tuesday, aiming to address the U.S. trade deficit. The move has created uncertainty in trade relations, with responses from countries like China and Japan.
Key Facts
- New 10% tariffs on imported goods began on Tuesday, as per a notice from US Customs and Border Protection.
- The Supreme Court ruled Trump had overstepped his authority with previous tariffs, saying they were not correctly justified.
- President Trump stated the new tariffs are necessary to tackle the U.S.'s $1.2 trillion goods trade deficit.
- The new tariff rate could increase to 15% as Trump announced changes after the initial decision.
- China is open to more trade talks and has urged the US to drop its unilateral tariffs.
- Japan is seeking assurances from the US on its treatment under the new tariff system, trying to maintain stability before a visit from the Japanese prime minister.
- The new temporary tariff measure will last for 150 days unless extended by Congress.
- Previously canceled tariffs ranged between 10% to 50%.
