According to Xinhua News Agency and CCTV News, on the evening of February 20th, Eastern Time, US President Trump posted on social media that he had just signed an executive order to "impose a 10% global tariff on all countries" and that it would "take effect almost immediately."
Trump said on the 20th that he would sign an order to impose an additional 10% tariff on global goods in accordance with Section 122 of the U.S. Trade Act of 1974 on top of the conventional tariffs already imposed. He also said that the 10% tariff policy is expected to take effect in "about three days."
Related reports:
Trump: Will impose 10% global import tariffs on top of regular tariffs (CCTV)
On February 20, local time, the President of the United States stated that he would sign an order to impose an additional 10% tariff on global goods exported to the United States for 150 days in accordance with Section 122 of the U.S. Trade Act of 1974, on top of the conventional tariffs already levied, for a period of 150 days to replace some emergency tariffs that were earlier deemed illegal by the U.S. Supreme Court.
Trump made the above statement at a press conference that day after the U.S. Supreme Court ruled that his tariff policy was illegal. He also said that the 10% tariff policy is expected to take effect in "about three days."
Analysts believe that unlike Trump's previous tariff increases, according to the above terms, this new tariff can only last for a maximum of 150 days, unless Congress approves an extension.
The U.S. Supreme Court announced its ruling that morning, finding that the U.S. International Emergency Economic Powers Act does not authorize the president to impose large-scale tariffs, which means that the Trump administration's tariff policy has suffered a major setback.
In this regard, Trump claimed that there are many "other options" and said that the US government will also launch several so-called "unfair trade practices" investigations based on Section 301 of the Trade Act of 1974 "to protect our country from unfair trade practices by other countries and companies."
Trump also posted on social media that day, saying that all tariffs imposed by the United States on the grounds of "national security" and tariffs imposed under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974 will remain in effect.
In addition, Trump admitted at the press conference that the Supreme Court ruling will trigger a protracted legal battle, and it may "take five years of legal battle" over whether the federal government must refund billions of dollars in tariffs to American companies. (Headquarters reporter Zhu Lei)
