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President Donald Trump announced he will sign an executive order imposing a new 15% global tariff. The order follows the U.S. Supreme Court’s ruling dismissing Trump’s attempt to impose tariffs using a law meant for national emergencies.
The move came less than 24 hours after Trump announced a 10% across-the-board tariff on Friday after the court’s decision. The ruling found the president had exceeded his authority when he imposed an array of higher rates under an economic emergency law, according to Reuters.
The tariffs will be signed into order by the president under Section 122 of the Trade Act of 1974. Tariffs using the statute can only last for 150 days, but it is unclear whether Trump will extend the tariffs through required congressional approval. These specific tariffs provide exemptions for certain products, including critical minerals, metals and energy products, according to the White House
The National Retail Federation’s (NRF) executive vice president of government relations, David French, issued the following statement in response to the ruling, before the president imposed the executive order:
“The Supreme Court’s announcement today regarding tariffs provides much-needed certainty for U.S. businesses and manufacturers, enabling global supply chains to operate without ambiguity,” French says. “Clear and consistent trade policy is essential for economic growth, creating jobs and opportunities for American families. We urge the lower court to ensure a seamless process to refund the tariffs to U.S. importers. The refunds will serve as an economic boost and allow companies to reinvest in their operations, their employees and their customers.”
Tariffs continue to place economic pressures and price increases on business owners and consumers.
