President Donald Trump on Saturday said that he was hiking his newly announced global tariff to 15%, less than a day after announcing a 10% worldwide duty.<\/p>\n
On Friday, Trump announced the blanket 10% import tax for all foreign trading partners after most of his sweeping tariffs<\/a> were struck down by the Supreme Court.<\/p>\n The justices, divided 6-3, ruled that Trump\u2019s aggressive approach to tariffs on imports from across the world was not permitted under a 1977 law called the International Emergency Economic Powers Act (IEEPA).<\/p>\n The Friday ruling invalidated the vast majority of tariffs that were in effect, except for some sector-specific duties such as those on autos, car parts and semiconductor chips.<\/p>\n \u201cI, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been \u2018ripping\u2019 the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,\u201d Trump wrote in a social media post on Saturday.<\/a><\/p>\n Despite the revised level, Trump\u2019s universal tariff will still result in a major cut to tariffs applied to most key trading partners. For some, it would remain the same.<\/p>\n For example, before the Supreme Court struck down Trump\u2019s IEEPA tariffs, most imports from Japan and the European Union\u2019s 27 member states faced a 15% duty.<\/p>\n Tariffs from America\u2019s other top trading partners, including Mexico, Canada and China, will likely see a big reduction in overall rates. Other major trading partners, such as India and Brazil, are also set to see a reduction in duties.<\/p>\n