Trump raises global tariffs to 15%

Samuel Perkins

Lead Reporter

Yesterday, The Supreme Court ruled that the use of the IEEPA act for broad tariffs was illegal. This lead Trump to pivot to Section 122 of the Trade Act of 1974, allowing him to continue to apply tariffs to the world, but with a limit.

Trump set a global tariff rate at 10% after Fridays ruling. And today he has increased this rate to 15% which is the max amount the Trade Act allows him to set. The act also states the tariffs are only allowed to imposed for 150 days. After this, congressional approval is required for an extension.

The act also states that the rate can not be changed per country. The rate must be uniformly across all trading partners, which eliminates Trump from issuing any "reciprocal" tariffs as he was under the IIEPA act.