White House confirms 10% import duty effective Feb 24 on goods after SC ruling
Summary
The US administration will impose a 10% import duty on goods entering the country starting February 24, following a Supreme Court ruling invalidating previous reciprocal tariffs.
Key Points
- The US Supreme Court struck down reciprocal tariffs imposed under IEEPA as illegal.
- President Donald Trump signed a proclamation for a temporary 10% import duty effective February 24.
- The import duty is imposed under Section 122 of the Trade Act of 1974 addressing US balance-of-payments deficits.
- The tariffs will last up to 150 days unless extended by Congress, aiming to rebalance trade in favor of American workers.
