President Trump imposes 15% tariff on all imports, including Cambodia

President Trump imposes 15% tariff on all imports, including Cambodia

US President Donald Trump has announced he is imposing tariffs of 15%, raised from the 10% tariffs he announced earlier. It is believed that the new tariffs are in response to the US Supreme Court’s ruling on Friday that he had exceeded his authority and should have obtained congressional approval for tariffs he introduced last year under the International Emergency Economic Powers Act (IEEPA).

Speaking via Truth Social, President Trump called high court justices a “disgrace to the nation”, adding “I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level.”

It is unclear when the 15% tariffs will take effect – a White House fact sheet issued on Friday regarding the original 10% tariffs said the levies would go into effect at 12.01am ET on Tuesday, 24 February.

Some goods will not be subject to the temporary import duty because of the needs of the U.S. economy or to ensure the duty more effectively addresses the fundamental international payments problems facing the United States, including: certain critical minerals, metals used in currency and bullion, energy, and energy products; natural resources and fertilizers that cannot be grown, mined, or otherwise produced in the United States or grown, mined, or otherwise produced in sufficient quantities to meet domestic demand; certain agricultural products, including beef, tomatoes, and oranges, pharmaceuticals and pharmaceutical ingredients; certain electronics; passenger vehicles, certain light trucks, certain medium- and heavy-duty vehicles, buses, and certain parts of passenger vehicles, light trucks, heavy-duty vehicles, and buses; certain aerospace products; and informationalmaterials (e.g., books), donations, and accompanied baggage. In addition, the following goods will not be subject to the temporary import duty: all articles and parts of articles that currently are or later become subject to section 232 actions; USMCA compliant goods of Canada and Mexico; andtextiles and apparel articles that enter duty-free as a good of Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, or Nicaragua under the Dominican Republic-Central America Free Trade Agreement.

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