Trump’s New Global Tariffs Take Effect at Lower Rate Than Promised
After the Supreme Court blocked several of his broad import taxes on Friday, Trump initially introduced a 10% global rate, later suggesting on Saturday that it would rise to 15%.
However, official documents show that the tariffs have been applied at the lower 10% rate starting Tuesday, with no orders issued to increase the rate. A news outlet has reached out to the White House for comment.
"I think it simply adds to the chaos and mess," said Carsten Brzeski, an analyst at investment bank ING, referring to the rapidly changing tariff measures and their impact on businesses.
"In terms of uncertainty we're back to where we were last year," he told the news outlet, adding that the likelihood of retaliation by US trading partners has increased.
"The risk of a real fully-fledged tariff war - trade war - escalation is clearly higher than last year," Brzeski added.
An executive order signed by Trump on Friday stated that the temporary 10% import duty was intended to "address fundamental international payments problems and continue the Administration's work to rebalance our trade relationships to benefit American workers, farmers, and manufacturers."
The administration is implementing the levy under Section 122 of the 1974 Trade Act, which allows the president to impose the charge for 150 days without congressional approval.
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