Trump’s second act on tariffs takes effect

US President Donald Trump has implemented a new 10% global tariff as of Tuesday, following a Supreme Court ruling that invalidated his earlier, broader tariffs due to violations of emergency powers. This executive order, signed under Section 122 of the 1974 Trade Act, allows the President to impose tariffs without needing Congressional approval for 150 days. Amidst this uncertainty, major trading partners, including India, have paused trade negotiations with the US. The Trump administration is reportedly planning to raise the tariff to 15%, although a timeline for this increase has not been set. The latest tariffs retain certain exemptions, particularly for goods associated with the US-Mexico-Canada Agreement, while some agricultural products remain unaffected by the new duties. As Trump prepares to address Congress on his economic agenda, public sentiment appears to be turning against his tariff policies, with recent polls indicating that 64% of Americans disapprove of his handling of tariffs. This situation has prompted a reassessment among trading partners, who are concerned about the potential impact of these tariffs on their economies and ongoing negotiations. The evolving landscape underscores the challenges faced by the administration as it strives to maintain its trade policy amidst legal and public scrutiny.