Trump said on Saturday he would raise a temporary tariff from 10 per cent to 15 per cent on U.S. imports from all countries, the maximum level allowed under the law.
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Wall Street futures and the dollar dropped early on Monday amid confusion over the U.S. trade policy, while oil prices initially fell over uncertainty for global growth and fuel demand over the latest tariff hike before being steadied by news of planned U.S.-Iran talks.
The decision and Trump’s subsequent actions are already impacting his trade deals struck over the past year, with China urging Washington to scrap tariff measures, the European Union set to freeze its agreement and India delaying planned talks.
This came a day after the court ruled that Trump had exceeded his presidential authority when he imposed an array of higher tariff rates under an economic emergency law.
Trump used his social media post to again lash out against the justices who ruled against him, which included two who he had appointed during his first term in the White House. In its ruling, authored by conservative Chief Justice John Roberts, the court reasserted its power to check the power of the president.
The president also expressed concern that the top court could rule against his administration’s bid to restrict birthright citizenship in its forthcoming decision in that case.
NAN
