US President Donald Trump said he would sign an order imposing a 10% global tariff after the Supreme Court struck down the bulk of the levies he imposed last year, and pledged a raft of investigations that could allow him to enact more import taxes.<\/p>\n\n\n\n
\u201cThe Supreme Court did not overrule tariffs; they merely overruled a particular use of IEEPA tariffs,\u201d Trump told reporters at the White House, referencing the emergency tariff authorities that the high court found illegal. \u201cNow I\u2019m going to go in a different direction, probably the direction that I should have gone the first time.\u201d<\/p>\n\n\n\n
The president said he would pursue the baseline duty under Section 122 of the Trade Act of 1974, which grants the president the unilateral ability to impose tariffs. But the untested legal provision restricts the scope of possible tariffs and puts a 150-day limit on how long the duties can remain in place.<\/p>\n\n\n\n
Trump also said he\u2019d launch additional investigations under Section 301 and Section 232, which he has previously used to place duties on Chinese exports, automobiles and metals.<\/p>\n\n\n\n
Trump opened his remarks by delivering a broadside against the Supreme Court, saying he was \u201cashamed of certain members of the court\u201d and said some of the justices were \u201cfrankly a disgrace to our nation.\u201d<\/p>\n\n\n\n
\u201cThey\u2019re very unpatriotic and disloyal to our Constitution,\u201d Trump said, suggesting the justices may have been swayed by foreign interests. <\/p>\n\n\n\n
Trump said the court\u2019s decision didn\u2019t make sense because he had the power to fully embargo trade but not impose tariffs. He also said he was frustrated that the decision would allow him to issue licenses but not impose related fees.<\/p>\n\n\n\n
The court ruled 6-3 that Trump had exceeded his authority by invoking a federal emergency-powers law to impose his \u201creciprocal\u201d tariffs across the globe, as well as targeted import taxes the administration says address fentanyl trafficking. <\/p>\n\n\n\n
Two justices appointed by Trump in his first term \u2014 Neil Gorsuch and Amy Coney Barrett \u2014 joined the majority in striking down the tariffs.<\/p>\n\n\n\n
The justices didn\u2019t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion \u2014 more than half the total revenue Trump\u2019s tariffs have brought in. <\/p>\n\n\n\n
White House officials have vowed to replace the tariffs with other tools, though it will be more difficult to reimpose the import taxes, and the president is likely to face more substantial restrictions on the scope and duration of the tariffs he can impose.<\/p>\n\n\n\n
\u201cForeign countries that have been ripping us off for years are ecstatic. They\u2019re so happy, and they\u2019re dancing in the streets \u2014 but they won\u2019t be dancing for long,\u201d Trump said.<\/p>\n\n\n\n
Trump has argued that his tariff program is essential not only to draw manufacturing back to the US but also as a foreign policy tool. <\/p>\n\n\n\n
He\u2019s said tariff threats have helped him to pressure countries to de-escalate armed conflicts and credited negotiations over levies for drawing billions of dollars in planned foreign investments in the US.<\/p>\n\n\n\n
The decision could cut the US average effective tariff rate by more than half. A Bloomberg Economics analysis before the ruling concluded that a broad decision against Trump would reduce the rate from 13.6% to 6.5%, a level not seen since March.<\/p>\n","protected":false},"excerpt":{"rendered":"
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