Court's decision disappointing, 10 percent additional tariff on all countries: Trump (Photo- Reuters)
Reuters, Washington. US President Donald Trump said on Friday that he will impose an additional 10 percent global tariff on all countries for 150 days. Trump termed the US Supreme Court's decision to cancel the tariff as disappointing and wrong.
The Supreme Court has declared his sweeping global tariffs imposed under the International Emergency Economic Powers Act illegal. Trump said at a press conference that he was embarrassed by the judges who ruled to strike down his tariffs.
He said that his views were not heard in the Supreme Court. The judges did not work properly for the country. The court's decision is not in America's interest. Such a decision was not expected from the court. The court bowed to foreign interests.
Trump said he would sign an order imposing a 10 percent global tariff under Section 122 of the Trade Act of 1974, as well as launch several other investigations.
The act allows the President to impose tariffs of up to 15 percent for 150 days on any and all countries with "major and serious" balance of payments issues. These charges will be in addition to the currently applicable tariffs. These would be implemented in place of some emergency fees that were struck down by the US Supreme Court.
He said, I want to make America great again. I have the right to stop all trade with any country. We have great options. We can recover more money from tariffs. The economic security of the country is very important.
Trump said his administration is also opening several Section 301 unfair trade practices investigations to "protect our country from the unfair trade practices of other countries and companies."
Trump also said it is unclear whether there will be any refunds after the Supreme Court strikes down his tariffs, and if so, when. He also said the case could take years to resolve.
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