Trump Announces New Import Surcharge After Tariff Setback
WASHINGTON – Following a Supreme Court decision invalidating his previous tariffs, President Trump has declared a temporary 10% import surcharge on goods entering the United States, effective February 24th, for 150 days.
- Scope: The surcharge applies to goods from all countries, including India, which will now face a 10% tariff rate, decreased from 18%.
- Authority: Trump invoked Section 122 of the Trade Act of 1974.
- Exemptions: Some goods are exempt, including critical minerals, certain agricultural products, pharmaceuticals, and select vehicle parts.
- Rationale: The White House claims the surcharge addresses fundamental international payment problems.
