In a significant escalation of trade tensions, President Donald Trump has announced the immediate imposition of a 15% tariff on all imports, leveraging Section 122 following a recent Supreme Court ruling that blocked his broader tariff program. This ruling, which was decided by a 6-3 vote, deemed Trump's previous tariff actions as exceeding his authority under the International Emergency Economic Powers Act. Trump has publicly criticized the justices, calling them 'fools' and 'unpatriotic,' and has vowed to explore alternative trade measures, including licensing fees. However, the Supreme Court's decision has not fully curtailed Trump's tariff ambitions, as a recent analysis by the Financial Times suggests that the administration may find ways to impose tariffs under different frameworks, potentially leading to further escalations in trade tensions.
BUSINESS
Trump Imposes 15% Tariff On Imports After Supreme Court Ruling
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President Trump imposes a 15% tariff on imports after a Supreme Court ruling limits his authority, escalating trade tensions with China, the EU, and India, amid growing economic uncertainty.
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