Trump says will impose 10% global tariff for 150 days

Investing.com -- President Donald Trump announced on Friday that he plans to impose a 10% global tariff for 150 days to replace emergency duties that were struck down by the Supreme Court.

Trump stated the order would be issued under Section 122 of the Trade Act of 1974, with the duties applied on top of existing tariffs. The statute permits the president to impose duties of up to 15% for up to 150 days on any and all countries related to balance of payments issues. It does not require investigations or impose other procedural limits.

The Supreme Court ruled Trump's broad global tariffs imposed under the International Emergency Economic Powers Act were illegal, determining he had exceeded his authority under that law.

Trump said his administration has alternatives available. He indicated the alternative tools could generate more revenue and strengthen the country's position.

The administration is also launching several Section 301 unfair trade practices investigations to protect the country from unfair trading practices of other countries and companies, Trump said.

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