WASHINGTON D.C. — President Trump’s new global tariffs have officially come into effect at a rate of 10%. Initially, the President had indicated plans to introduce these tariffs at a higher rate.
After the Supreme Court blocked many of his sweeping import taxes, President Trump announced he would implement a 10% rate. However, last Saturday, he stated the rate would be 15%.
The administration is currently using a trade law known as Section 122, which allows for tariffs of up to 15% to be quickly applied, but only for a period of up to 150 days.
The White House has indicated it is working on raising the tariffs to 15% through a separate order that President Trump will need to sign.
