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Trump's big comeback after SC setback: Tariff increased from 10 percent to 15 percent

  Trump on Tariff: President Donald Trump announced today that he is increasing the global tariffs he wants to impose to 15 percent. This is more than the 10 percent tariff announced a day earlier. He said in a social media post that he is taking this decision based on a full and detailed review of the “ridiculous and extraordinarily un-American decision” handed down by the US Supreme Court on tariffs yesterday. After the court ruled that the president does not have the emergency power to impose any broad tariffs, Trump signed an executive order last night under which he imposed a 10 percent global tariff and under which the tariff would also apply to India, instead of 18 percent. In this announcement, Trump said that he is imposing a temporary import tariff of 10 percent on value-based goods imported into the US for a period of 150 days, which will be effective from February 24. With the implementation of this new 10 percent tariff on countries around the world, the 18 percent tariff on Indian goods imported into the US will no longer be applicable, which was decided after the announcement of the framework of the interim trade agreement between India and the US.

Following the court's ruling, Trump signed a proclamation, which stated that "temporary import duties (tariffs) are being imposed to address fundamental international payments problems and rebalance our trading relationship in the interests of American workers, farmers, and manufacturers." Sharing the announcement in a post on Truth Social, the US President said, "It is my great honor to take the Oval Office to impose a 10 percent global tariff on all countries, effective immediately. Thank you for your attention to this matter."
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