U.S. President Trump Imposes 10% Tariff on Imports

U.S. President Donald Trump announced on his social media platform that he has signed a document to impose a 10% tariff on imports from all countries, which will take effect almost immediately. According to RTHK, the White House stated that Trump signed a proclamation for a temporary import tariff, which will apply to goods entering the United States for 150 days at a rate of 10%. The temporary tariff will become effective on February 24 at midnight Eastern Time. The White House added that certain goods will be exempt from the tariff, including private vehicles, some light trucks, certain aerospace products, as well as some natural resources and fertilizer products. Additionally, the White House mentioned that the additional tariffs imposed under the International Emergency Economic Powers Act will no longer be valid and should be halted as soon as possible. The U.S. Supreme Court ruled that Trump's use of the International Emergency Economic Powers Act to impose tariffs on multiple countries globally was illegal, as the law does not grant him the authority to impose such tariffs. Trump criticized the ruling as flawed and problematic, expressing shame over some members of the court.