Trump said late Friday that he had signed an executive order to implement a new 10% "global tariff" for 150 days, which would "take effect almost immediately." The new "Section 122" tariffs will be implemented under Section 122 of the 1974 Trade Act, and tariffs imposed under this law can last no longer than 150 days, with any extension requiring congressional approval. The new tariffs will be added on top of existing tariffs that remain in effect after the Supreme Court ruling, replacing previous tariffs imposed under the International Emergency Economic Powers Act. This means that the U.S. tariff rates faced by some countries that have reached trade agreements with the Trump administration or are currently engaged in trade negotiations may decrease, as the tariffs stipulated in agreements previously reached by many countries with the United States were generally higher than 10%. White House officials noted that as the government implements tariffs through other legal channels, the applicable tax rates for various countries may return to higher levels.
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