Trump administration news: President signs 10% tariff and signals legal battles to come
CNN
President Donald Trump announced he will impose a 10% global tariff on top of the levies already in place after the Supreme Court ruled that his sweeping emergency tariffs are illegal. Follow for live updates.
• Trump digs in: President Donald Trump is pressing ahead with his trade war, signing a 10% global tariff yesterday after the Supreme Court ruled his sweeping emergency trade duties illegal. The new levies can take effect for a maximum of 150 days, barring congressional approval for an extension. • What’s next: Trump signaled there will be protracted legal battles over calls to pay companies billions of dollars in refunds for the illegal tariffs. As for average Americans, economists don’t expect the ruling to be a game-changer for consumer prices. • Iran tensions: Meanwhile, Trump has said he is mulling a limited military strike to pressure Tehran into a nuclear deal. Top Democrats are urging the president not to conduct military action without consulting Congress. US President Donald Trump’s fresh 10% global tariff is unlikely to rattle Asian businesses as they have already acclimatized to an unpredictable US trade policy, a veteran Asia business analyst told CNN. “Since ‘Liberation Day,’ the world has adjusted to a new environment,” said Song Seng Wun, economic adviser at SDAX, a Singapore-based fintech company, referring to April 2 last year when Trump unveiled a sweeping package of import duties. The analyst said most businesses will adopt a wait-and-see approach, similar to the previous times Trump announced sudden levies without vital details.
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