President Donald Trump will raise his new global tariff rate to 15 per cent from 10 per cent, a day after the US Supreme Court struck down the backbone of his economic strategy.
Following the devastating blow from the country’s top court on Friday, Trump signed a proclamation slapping a temporary 10 per cent duty on imports under section 122 of the Trade Act of 1974, which allows the president to set import restrictions for up to 150 days.
It was one of the options Trump cited after the Supreme Court ruled in a 6-3 vote that he had exceeded his authority in using the International Emergency Economic Powers Act to impose tariffs on dozens of countries.
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