US President Donald Trump on Saturday said he will raise his new global tariff rate to 15 percent from 10 percent announced less than a day ago.
Following Trump's disappointing defeat in the Supreme Court ruling on Friday, he announced that he would sign a proclamation imposing 10 percent tariffs on all imports into the United States (US) under Section 122 of the Trade Act of 1974, which allows the President to impose import restrictions for up to 150 days.
But Trump is now becoming more strict.
Also read: Trump will impose 10% global tariff on American imports!
“As President of the United States, I will, effective immediately, increase the 10 percent worldwide tariff on the countries that have been “snapping” the United States for decades without retaliation (until I came along!), to the fully permitted and legally tested level of 15 percent,” Trump wrote in a social media post on Saturday.
“Over the next few months, the Trump Administration will set and issue new and legally acceptable tariffs,” he said.
It is not clear whether the 15 percent will be applied on top of the existing tariffs as opposed to the 10 percent that the US President had earlier announced. The tariff stack would mean African countries, including Nigeria, which was hit hardest last year, would face even higher tariffs than expected on exports to the US.
