President Donald Trump on Saturday said that he was hiking his newly-announced global tariff to 15%, less than one day after announcing a 10% worldwide duty.
On Friday, Trump announced the blanket 10% import tax for all foreign trading partners after most of his sweeping tariffs were struck down by the Supreme Court.
The justices, divided 6-3, ruled that Trump’s aggressive approach to tariffs on imports from across the world was not permitted under a 1977 law called the International Emergency Economic Powers Act (IEEPA).
The Friday ruling invalidated the vast majority of tariffs that were in effect, except for some sector-specific duties such as those on autos, car parts and semiconductor chips.
“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been “ripping” the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” Trump wrote in a social media post on Saturday.
