MBABANE: President Donald Trump says he will raise global tariffs on imported goods to fifteen percent (15%) after the United States Supreme Court struck down his previous trade measures, Aljazeera reported.
It has been reported that, the President announced his decision on Saturday, revising an earlier decision to impose a new 10 percent worldwide tariff after the Supreme Court ruling, which triggered immediate concern and responses from governments and markets.
The US top court’s ruling and Trump’s new tariffs have left countries grappling with the legal and economic fallout, raising questions about ongoing agreements, tariff reductions, and the legality of past duties.
Governments are now evaluating how the new levy will affect key industries, investment plans, and trade negotiations, while analysts warn that uncertainty could persist until legal and trade frameworks are clarified.
In South Korea, one of the US’s closest allies, the presidential office, Blue House, has released a statement, saying the government will review the trade deal and make decisions in the national interest, casting a question mark over the agreement signed in November last year, which lowered tariffs from 25 to 15 percent in exchange for $350bn in cash and investments from South Korea in the US.
“For major South Korean companies in chemicals, pharmaceuticals, and semiconductors, the Supreme Court ruling has been positive: Even if Trump introduces the new 10 percent tariffs under Section 122, they would still pay a lower rate,” said Jack Barton, an AlJazeera correspondent in Seoul.
United States President Donald Trump (Getty Images).