Trump raises U.S. global tariff rate from 10% to 15%

In a significant shift in trade policy, former U.S. President Donald Trump has increased the global tariff rate from 10% to 15%. This decision follows a Supreme Court ruling which determined that Trump did not possess the emergency powers necessary to implement extensive tariffs. To bypass Congress and impose this new tax on imports, Trump signed an executive order on February 21. This move is expected to have widespread implications for international trade, affecting various sectors reliant on imports. The tariff hike reflects ongoing tensions in global trade relations, particularly amid ongoing negotiations with key trade partners. Experts predict that this increase could lead to higher prices for consumers and further complicate the already strained trade dynamics. As Trump continues to assert his influence in U.S. politics, this decision may also serve to rally support among his base, emphasizing an America-first trade policy amid a complex global economic landscape.