US President Trump says effectively immediately, all national security tariffs under 232 and 301 remain in place. 10% global tariff to be imposed on top of other tariffs
Newsquawk Staff ·
- Several investigations will be initiated.
- Starting 301 probes to protect their country.
- Truth Post at same time he spoke: "effective immediately, all National Security TARIFFS, Section 232 and existing Section 301 TARIFFS, remain in place, and in full force and effect. Today I will sign an Order to impose a 10% GLOBAL TARIFF, under Section 122, over and above our normal TARIFFS already being charged, and we are also initiating several Section 301 and other Investigations to protect our Country from unfair Trading practices."
- Says he does not need to ask congress for tariffs.
- Criticises Canada, Mexico and Taiwan.
- Threatens 15-30% auto tariffs.
- Will see country and economy grow. We now have certainty on trade.
- Alternatives are more complicated. It will take time. But end result will be great, with the US taking more money.
- Asked if US has to refund tariff revenue, says "I guess it has to be litigated!".
- If US has to refund tariff revenue, will end up in court for the next five years.
- 10% extra tariff is immediate (three days from now). Over five months, they will investigate countries to determine a fair tariff rate on other countries.
- Met with the Vietnamese leader, who said more US tariffs could be imposed.
- Some trade deals negotiated under IEEPA do not stand.
- Nothing changes with India.
- Many of the trade deals stand, some won't they will be replaced.
Full Post: "To show you how ridiculous the opinion is, the Court said that I’m not allowed to charge even $1 DOLLAR to any Country under IEEPA, I assume to protect other Countries, not the United States which they should be interested in protecting — But I am allowed to cut off any and all Trade or Business with that same Country, even imposing a Foreign Country destroying embargo, and do anything else I want to do to them — How nonsensical is that? They are saying that I have the absolute right to license, but not the right to charge a license fee. What license has ever been issued without the right to charge a fee? But now the Court has given me the unquestioned right to ban all sorts of things from coming into our Country, a much more powerful Right than many people thought we had. Our Country is the “HOTTEST” anywhere in the World, but now, I am going in a different direction, which is even stronger than our original choice. As Justice Kavanaugh wrote in his Dissent: “Although I firmly disagree with the Court's holding today, the decision might not substantially constrain a President's ability to order tariffs going forward. That is because numerous other federal statutes authorize the President to impose tariffs and might justify most (if not all) of the tariffs issued in this case...Those statutes include, for example, the Trade Expansion Act of 1962 (Section 232); the Trade Act of 1974 (Sections 122, 201, and 301); and the Tariff Act of 1930 (Section 338).” Thank you Justice Kavanaugh! In actuality, while I am sure they did not mean to do so, the Supreme Court’s decision today made a President’s ability to both regulate Trade, and impose TARIFFS, more powerful and crystal clear, rather than less. There will no longer be any doubt, and the Income coming in, and the protection of our Companies and Country, will actually increase because of this decision. Based on longstanding Law and Hundreds of Victories to the contrary, the Supreme Court did not overrule TARIFFS, they merely overruled a particular use of IEEPA TARIFFS. The ability to block, embargo, restrict, license, or impose any other condition on a Foreign Country’s ability to conduct Trade with the United States under IEEPA, has been fully confirmed by this decision. In order to protect our Country, a President can actually charge more TARIFFS than I was charging in the past under the various other TARIFF authorities, which have also been confirmed, and fully allowed. Therefore, effective immediately, all National Security TARIFFS, Section 232 and existing Section 301 TARIFFS, remain in place, and in full force and effect. Today I will sign an Order to impose a 10% GLOBAL TARIFF, under Section 122, over and above our normal TARIFFS already being charged, and we are also initiating several Section 301 and other Investigations to protect our Country from unfair Trading practices. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! PRESIDENT DONALD J. TRUMP"
What it means
President Trump's decision to impose a 10% global tariff immediately, alongside the reaffirmation of existing national security tariffs, signals a significant escalation in protectionist trade measures. This move may impact various asset classes including currencies like the USD and EUR, as well as commodities such as gold and crude oil, potentially altering market dynamics and inflation expectations.
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