Summary
President Donald Trump has introduced a 10-percent global tariff following a Supreme Court decision. The court ruled that Trump misused emergency powers for his previous tariffs, so he is now using a different authority to impose the new ones for 150 days. The administration says these tariffs aim to fix trade imbalances and protect U.S. industries.
Key Facts
- The Supreme Court ruled 6-3 that Trump misused emergency powers for previous tariffs.
- In response, President Trump introduced a new 10-percent global tariff.
- This tariff applies to imports from all countries for 150 days.
- Trump has the option to increase the tariff to 15 percent under his new authority.
- Some business groups welcomed the court's decision for providing clarity.
- FedEx filed a lawsuit seeking refunds for previously paid tariffs.
- The new tariff is implemented under the 1974 Trade Act, allowing temporary tariff increases.
- Certain exemptions apply, such as critical minerals and pharmaceuticals.
