President Trump has increased the imposed global tariff to 15 percent increasing it by five percent from his initial announcement. The president firing back at the Supreme Court ruling that Trump doesn’t have the legal authority to impose the tariffs under the Emergency Powers Act.
Secretary of Treasury Scott Bessent, on CBS, says the tariff would apply to industry and practice specific industries, including auto and steel industries. The report says the tariffs are expected to go into effect this week.
Economists don’t expect the high court’s ruling to have a significant impact on consumer pricing.
Meanwhile, tensions are on the rise between the US and Iran.
President Trump is giving Iran 10-15 days to make a deal negotiating limitations on their nuclear program or they face strikes. US military forces are on standby in Jordan. Officials in Jordan, Saudi Arabia, and Arabia de Emerates have expressed support for diplomatic efforts in recent weeks but say they do not want their territory used to launch attacks on Iran.