British media: The US Supreme Court ruled 6-3 that Trump's global tariffs based on the 1977 International Emergency Economic Powers Act (IEEPA) were unconstitutional overreach, and the US has collected at least $130 billion in tariffs accordingly. Trump then announced the establishment of a new tariff system based on Section 122 of the 1974 Trade Act: first announcing a 10% global tariff, and then raising the rate to the legal maximum of 15% on Truth Social the next day, expected to take effect starting February 24, with an approximate five-month validity period, requiring congressional approval at that time.
Key details: Exemptions for key minerals, metals, and medicines; tariffs previously imposed under other laws, such as steel and aluminum, wood, and automotive parts, are unaffected; countries such as the UK that have already reached a 10% tariff agreement with the US will now apply 15%, but bilateral agreements in sectors such as steel and aluminum, medicines, automobiles, and aviation remain unaffected. The US trade deficit hit a record high this week, increasing by 2.1% compared to 2024, reaching about $1.2 trillion.
Business circles and Democrats have urged the refund of the illegally collected tariffs; the US Chamber of Commerce pointed out that more than 200,000 small importers were affected; the European Parliament's Committee on International Trade is considering suspending the approval of EU-US trade agreements.
Original article: toutiao.com/article/1857839173205124/
Statement: This article represents the views of the author himself.