President Donald Trump announced on Friday that he will impose a new 10% global tariff under Section 122, following the Supreme Court’s decision to strike down his previous sweeping tariffs.
Speaking at a press conference, Trump said he will sign an order today to “impose a 10% global tariff under Section 122.”
He said this would be “over and above our normal tariffs already being charged.”
“We’re also initiating several sections, 301 and other investigations to protect our country from unfair trading practices of other countries and companies,” he added.
What is Section 122?
Section 122 of the Trade Act of 1974 “authorizes the President to impose temporary import surcharges of up to 15 percent or quotas for no more than 150 days when the United States faces fundamental international payments problems, such as a serious balance-of-payments deficit or rapid dollar depreciation.”
Trump hits out at ‘deeply disappointing’ Supreme Court ruling
Donald Trump denounced the Supreme Court ruling, calling the decision “deeply disappointing.”
He said he is “ashamed of certain members of the court, absolutely ashamed for not having the courage to do what’s right for our country.”
Trump praised justices Samuel Alito, Clarence Thomas and Brett Kavanaugh who dissented.
“I’d like to thank and congratulate Justices Thomas, Alito and Kavanaugh for their strength and wisdom and love of our country, which is, right now, very proud of those justices,” he said.
Trump particularly praised Kavanaugh, saying, “I would like to thank justice Kavanaugh for his, frankly, his genius and his great ability. Very proud of that appointment in actuality.”
Trump also claimed that foreign interests influenced the court’s decision.
“I think that foreign interests are represented by people that I believe have undue influence,” he said. “They have a lot of influence over the Supreme Court, whether it’s through fear or respect or friendships, I don’t know.”
“But I know some of the people that were involved on the other side, and I don’t like them,” Trump added. “I think they’re real slimeballs.”
