Source : the age
Trump said on social media on Saturday ( Washington time ) that “based on a thorough, thorough, and complete analysis of the ridiculous, poorly written, and utterly anti-American decision on tariffs issued yesterday,” he would immediately repeal the new tariffs to 15 %.
Tuesday ( Washington time ) is when the new price will go into effect. It replaces the previous system, which mandated the lowest import price of any nation, 10 %.
Trump’s article on Truth Social did not mention any deductions for nations like Australia with which the US enjoys a trade deficit. He claimed that countries around the world, “many of which have been “robbing” the US off for years, without vengeance, would be subject to the 15 % level.
The Trump Administration will decide and issue the novel and constitutionally binding Tariffs, which will continue our incredibly effective process of Making America Great Repeatedly- GREATER THAN EVER BEFORE!” During the next few months, the Trump Administration will determine and issue the novel and lawful Tariffs. I appreciate you paying attention to this issue.
For more details, contact The White House.
Trump reacted to the Supreme Court’s decision to repeal his earlier program of so-called mutual tariffs that were used by numerous nations while exercising presidential emergency powers less than 24 hours later.
Trump overstepped his authority as president by doing so, the majority of the court’s 6-3 verdict found.” Congress exclusively” has the authority to raise revenue by imposing everlasting tariffs.
The new taxes are made possible by a different system, Section 122 of the Trade Act of 1974, which enables the leader to impose levies of up to 15 % for 150 times to address immediate balance-of-payments issues.
According to recent Commerce Department data, the US had a trade deficit of about$ US900 billion in the year.
More to occur.
The Age and Sydney Morning Herald’s North American editor, Michael Koziol. He was formerly a writer for the Sun-Herald, a deputy editor for Sydney, and a provincial political reporter for Canberra. Use X or contact to join.
