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.

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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.

 

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