Donald Trump hikes global tariff to 15 per cent after US Supreme Court setback

US President Donald Trump on Saturday said he is raising the 10 per cent worldwide tariff on countries announced yesterday ldquoto the fully allowed and legally tested 15 per cent levelrdquoIn a post on his social media platform Truth Social Trump also said that during ldquothe next short number of monthsrdquo his administration will determine and issue the new and legally permissible tariffs which will continue the extraordinarily successful process of lsquoMaking America Great AgainrsquoldquoBased on a thorough detailed and complete review of the ridiculous poorly written and extraordinarily antiAmerican decision on Tariffs issued yesterday after MANY months of contemplation by the United States Supreme Court please let this statement serve to represent that I as President of the United States of America will be effective immediately raising the 10 per cent Worldwide Tariff on Countries many of which have been ripping the US off for decades without retribution until I came along to the fully allowed and legally tested 15 per cent levelrdquo Trump saidldquoDuring the next short number of months the Trump Administration will determine and issue the new and legally permissible Tariffs which will continue our extraordinarily successful process of Making America Great Again GREATER THAN EVER BEFORE Thank you for your attention to this matter President DONALD J TRUMPrdquo the post addedIn a major setback to Trumprsquos signature trade policy the US Supreme Court on Friday ruled against most of his sweeping tariff measuresTrump later signed an order making a 10 per cent global tariff on all countries effective ldquoalmost immediatelyrdquoIndia to pay tariff until new authority invoked says White HouseA White House official told news agency ANI on Friday that India is expected to pay this tariff and that the new levy will remain in place until another authority is invoked emphasising the expectation that trade partners abide by US trade dealsldquoYes 10 per cent until another authority is invokedrdquo the White House official stated when asked whether India will have to pay 10 per cent tariffs and whether they would replace previous tariffs under the International Emergency Economic Powers Act IEEPAThe official also advised all trade partners to abide by trade agreements ANI reportedThe US Supreme Court ruled 63 that the Trump administration exceeded its legal authority by invoking the International Emergency Economic Powers Act IEEPA of 1977 to impose broadbased import tariffsTerming the Supreme Courtrsquos ruling a ldquoterrible decisionrdquo Trump on Friday announced he would sign an executive order for a 10 per cent global tariff under Section 122 of the Trade Act of 1974 This provision allows for a temporary import surcharge of up to 15 per cent for 150 days to address balanceofpayments deficitsIndia and the United States US had on February 7 announced that they have reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade The framework reaffirmed the countriesrsquo commitment to the broader USIndia Bilateral Trade Agreement BTA negotiations which will include additional market access commitments and support more resilient supply chainsInterim trade pact outlines tariff cuts reciprocal duties Centre studying US court rulingThe Interim Agreement between the US and India will represent a historic milestone in the two countriesrsquo partnership demonstrating a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes a joint statement saidKey terms of the Interim Agreement include India eliminating or reducing tariffs on all US industrial goods and a wide range of food and agricultural products including dried distillersrsquo grains DDGs red sorghum for animal feed tree nuts fresh and processed fruit soybean oil wine and spirits and additional productsIt said the US will apply a reciprocal tariff rate of 18 per cent under Executive Order 14257 of April 2 2025 as amended on originating goods of India including textiles and apparel leather and footwear plastic and rubber organic chemicals home deacutecor artisanal products and certain machinery It also stated that subject to the successful conclusion of the Interim Agreement the US will remove the reciprocal tariff on a wide range of goods including generic pharmaceuticals gems and diamonds and aircraft partsThe US had earlier imposed a 50 per cent tariff on Indian goods including a 25 per cent penalty for importing oil from RussiaThe government said earlier in the day that it is studying the implications of the US Supreme Court judgement on tariffs and the steps announced by the President Trump administrationldquoWe have noted the US Supreme Court judgement on tariffs yesterday President Trump has also addressed a press conference in that regard Some steps have been announced by the US Administration We are studying all these developments for their implicationsrdquo the Commerce and Industry Ministry said in a brief statementWith ANI inputs