Pres. Donald Trump of that USA. (Photo: Kenny Holston/AFP)
Pres. On Tuesday, Donald Trump of the USA criticized the Supreme Court’s decision that struck a line through his global tariffs, in front of several of the judges who supported it.
In his State of the Union address on Tuesday, Trump described the verdict delivered on Friday as “extremely regrettable”.
According to Trump, the US’s trading partners want to “maintain the agreement they have already entered into” with his administration, “knowing that the legal powers that I have as president to introduce a new agreement could be much worse for them”.
Shortly after the Supreme Court ruled that Trump exceeded his powers by imposing comprehensive tariffs on goods from other countries, the president introduced a new 10% tariff in terms of other legislation.
The new tariff went into effect on Tuesday and Trump has already pledged to increase it to 15%.
Although the new tariffs are temporary – they only last 150 days unless Congress extends them – Trump insists that they will lead to a “solution that is even better than before”.
“Congress action will be unnecessary.
“Over time, I believe the rates that other countries pay will, as in the past, significantly replace the modern system of income tax,” Trump said.
He claims it will “take a big financial burden off the people I love”.
Also Read: What Now About Trump Tariffs?
A report from the New York Federal Reserve Bank released earlier this month found that nearly 90% of tariffs’ economic burden is placed on American companies and consumers.
The Supreme Court’s decision does not affect Trump’s sector-specific tariffs on industries such as steel and vehicles.
Trump’s temporary tariffs are widely seen as a bridge to a more permanent situation.