Trump Signs Executive Order Imposing 10% Global Tariff on All Countries

New Customs Duty Decision and Scope U.S.
President Donald Trump has announced the signing of a decision to implement a 10% global customs duty on all countries.
According to a White House statement, the decision was made under Section 122 of the Trade Act of 1974, which grants the president authority to impose additional taxes and import restrictions to address international balance of payments issues.
The temporary import tax will take effect on February 24 and remain in place for 150 days.
The measure aims to prevent unfair trade practices.
Additionally, Trump has instructed the U.S.
Trade Representative to investigate discriminatory trade actions against the United States.
Exemptions and Excluded Products Certain strategic product groups and countries will be exempt from the temporary import tax.
According to the announcement, the exemptions include: Critical minerals and energy products Specific agricultural products and medicines Certain electronic and automotive parts Aviation products and information materials Under existing trade agreements, goods originating from Canada and Mexico under the United States-Mexico-Canada Agreement (USMCA), as well as certain textile products from specific Central American countries, have also been excluded from the scope of the tariffs.
New Step Following Supreme Court Ruling This move follows a U.S.
Supreme Court ruling which determined that the International Emergency Economic Powers Act (IEEPA), previously cited by Trump for tariffs, does not grant the president the authority to impose such duties.
During a press conference, Trump stated that he would use stronger methods against the unfair trade practices of foreign nations.
President Trump noted that in addition to Section 122 of the Trade Act of 1974, various investigations would be launched under Section 301 to continue protecting the United States from the unfair practices of other countries.