U.S. President Donald Trump has announced the signing of a decree imposing a 10% tariff on imports from all countries.
This announcement was made in the Oval Office and shared via his social media platform, Truth Social.
Trump asserted that it is a significant honor for him to declare this global tariff, which will take effect almost immediately despite recent legal challenges.
The U.S. Supreme Court ruled against Trump's global tariff plan, determining that he overstepped his authority by utilizing a 1977 law intended for emergencies to impose these tariffs.
Following Trump's announcement, the White House indicated that the tariffs would be temporary, set for 150 days, and will officially come into effect on February 24. The administration stated that this move is designed to curb the outflow of U.S. dollars to foreign manufacturers.
By increasing domestic production, the U.S. aims to address its payment balance deficit, create high-paying jobs, and reduce consumer costs.
Furthermore, the White House conveyed that the disappointing Supreme Court decision would not deter Trump's efforts to reshape the long-standing global trade system impacting economic and national security.