- The US Supreme Court ruled that President Trump could not impose tariffs under the International Emergency Economic Powers Act (IEEPA), leading to the immediate removal of such tariffs.
- In response, the US President issued an Executive Order imposing a new 10% import surcharge on nearly all imports, based on Section 122 of the Trade Act of 1974, with plans to potentially increase it to 15%.
- The new surcharge applies in addition to existing tariffs, with certain geographic (Canada, Mexico) and sectoral (food security, health, critical minerals, high-tech) exceptions.
- The EU reacted by pausing the ratification of a trade agreement with the US, viewing the tariff deal as effectively collapsed.
Source: bakertilly.de
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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