Trump increases global tariffs from 10% to 15%, order to take effect February 24

Washington (The Uttam Hindu): After a recent court setback, US President Donald Trump has announced a new decision to increase global tariffs. Trump has signed an executive order raising tariffs on imports from countries worldwide from 10 percent to 15 percent. The new tariff rates will come into effect from February 24 and will remain applicable for 150 days.

The decision comes after the Supreme Court of the United States struck down the earlier tariff order. The court ruled that imposing broad global tariffs under emergency economic powers was beyond presidential authority and required approval from Congress.

Following the ruling, Trump announced the new tariff structure under provisions of the Trade Act of 1974, which allows temporary tariffs during economic emergencies. Under this provision, tariffs of up to 15 percent can be imposed for a limited period.

The new tariff order will apply to most imported goods. However, some essential items such as energy products, pharmaceuticals, and certain strategic materials are expected to remain exempt.

The administration says the move is aimed at reducing the trade deficit and protecting domestic industries, while further decisions will depend on future economic conditions and congressional approval.