US implements 10% tariffs, post SC verdict

The US is implementing a new global tariff at 10 per cent on imports, rather than the 15 per cent rate announced by Donald Trump over the weekend after the Supreme Court struck down the sweeping tariffs, news reports said citing a notice from the US customs agency.

Listen to this article

On Friday, the US Supreme Court halted the tariffs imposed by Trump under the International Emergency Economic Powers Act (IEEPA).

Soon after the verdict, Trump announced invoking his authority under section 122 of the Trade Act of 1974, announced a 10 per cent tariff on imports from all countries, on top of any existing tariffs and then issued a proclamation putting them into effect.

The Proclamation imposes, for a period of 150 days a 10 per cent ad valorem import duty on articles imported into the United States. The temporary import duty will take effect from 24 February, the US White House said.

On Saturday, Trump said he will immediately raise the tariff to legally tested level of 15 per cent. But that 15 per cent has not materialised, reports said.

 

Latest

US grants 30-day waiver to India to buy Russian Oil: Treasury Secretary Scott Bessent

To enable oil to keep flowing into the global...

West Asia Conflict: A look at potential sectoral impact

Energy: A majority of energy is transported through the Strait...

Somany Ceramics says supplier restricts gas supply, amid Middle East conflict

Accordingly, SGL has informed that the Daily Contracted Quantity...

GAIL mulls supply cuts on customers, amid Force Majeure notices

GAIL said its long-term suppliers, Petronet LNG Ltd, has...

Newsletter

Don't miss

US grants 30-day waiver to India to buy Russian Oil: Treasury Secretary Scott Bessent

To enable oil to keep flowing into the global...

West Asia Conflict: A look at potential sectoral impact

Energy: A majority of energy is transported through the Strait...

Somany Ceramics says supplier restricts gas supply, amid Middle East conflict

Accordingly, SGL has informed that the Daily Contracted Quantity...

GAIL mulls supply cuts on customers, amid Force Majeure notices

GAIL said its long-term suppliers, Petronet LNG Ltd, has...

US Trade court orders tariff refunds: report

"All importers of record whose entries were subject to...

US grants 30-day waiver to India to buy Russian Oil: Treasury Secretary Scott Bessent

To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to...

West Asia Conflict: A look at potential sectoral impact

Energy: A majority of energy is transported through the Strait of Hormuz, located between Oman and Iran and the vital artery for global energy trade,...

Somany Ceramics says supplier restricts gas supply, amid Middle East conflict

Accordingly, SGL has informed that the Daily Contracted Quantity of gas supply shall be provisionally restricted to 50 per cent of the contracted quantity...