Washington: Trump hinted at taking a big economic step on Friday. He said that he will soon sign an order in which an spare 10 percent global tariff will be imposed on every country in the world for 150 days. Trump says that this visualization is very important to protect America's economic interests and modernize the trade balance.
Why is Trump so wrestling with the Supreme Court's decision?
Trump has openly expressed his anger. The Supreme Magistrate had supposed the huge global tariffs imposed older by him as illegal. These tariffs were imposed under the International Emergency Economic Powers Act (IEEPA). Trump said that he is extremely disappointed and surprised by this decision. He did not expect that the magistrate would do this. He moreover said that the judges did not take decisions keeping in mind the interests of the country, rather he plane tabbed some judges "fools", "lapdogs" and "unpatriotic". They are wrestling considering this is a big wrack-up to their economic agenda.
Under which law will the new tariff be imposed?
Trump said that this new 10 percent tariff will be imposed under Section 122 of the Trade Act of 1974. According to this law, if there is a serious trade imbalance or wastefulness of payments crisis, the president can impose spare tariffs of up to 15 percent on all countries for 150 days. This new tariff will be over the existing tariffs and may moreover replace some of the old emergency charges.
Can America completely stop trade with any country?
Trump says that yes, if necessary, the President can limit or completely stop trade with any country. He reiterated that America has strong economic options and the country's income can be increased through tariffs. Their aim is to make America stronger economically.
Will investigations be started on other countries and companies also?
The Trump Administration has indicated that investigation into unfair trade practices versus several countries and companies will be initiated under Section 301. Its purpose is to find out whether any foreign visitor or country is doing unfair trade with America.
Are there any refunds on the old tariff?
Trump said that it is not yet well-spoken whether refunds will be given on the tariffs canceled by the Supreme Court's visualization or not. Plane if a refund is decided, the unshortened process may take several years.
