In a social media post this morning, President Trump announced that he intends to raise his new global tariff rate from the 10% rate announced yesterday, to the maximum 15% allowed under Section 122 of the 1974 Trade Act. The upshot is that, at least for the next 150 days, the effective tariff rate (based on 2024 import shares) will rise back to 14.5%, from about 12.5% yesterday, which returns it to slightly above where it had settled before those “lap dogs” on the Supreme Court ruled the IEEPA-justified reciprocal tariffs to be illegal.
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