US Unveils New Tariff Plan After Supreme Court Strikes Down Trump-Era Duties

In a statement, Greer said the administration will immediately impose a temporary 10 per cent surcharge on goods imported into the US, pursuant to Section 122 of the Trade Act of 1974. The 10 per cent tariffs will remain in place for 150 days, and an extension may need Congress' nod. The temporary import duty will take effect February 24 at 12:01 a.m. eastern standard time. However, some essential goods will not be subject to the temporary import duty.

Besides, the US administration will, according to Greer, initiate several investigations under Section 301 of the Trade Act of 1974 ("Section 301") to deal with "unjustifiable, unreasonable, discriminatory, and burdensome acts, policies, and practices by many trading partners. We expect these investigations to cover most major trading partners and to address areas of concern such as industrial excess capacity, forced labor, pharmaceutical pricing practices, discrimination against U.S. technology companies and digital goods and services, digital services taxes, ocean pollution, and practices related to the trade in seafood, rice, and other products."

They intend to conduct these investigations on an accelerated timeframe, in keeping with the Section 301 statute's substantive and procedural requirements.

If these investigations conclude that there are unfair trading practices and that responsive action is warranted, tariffs are one tool that may be imposed, Greer said.

Further, the US administration will continue the ongoing Section 301 investigations, including those involving Brazil and China. "If these investigations conclude that there are unfair trading practices and that responsive action is warranted, tariffs are one tool that may be imposed," Greer said in the statement. They will maintain tariffs currently imposed under Section 232 of the Trade Expansion Act of 1963, and conclude ongoing investigations.The Supreme Court's decision today, Greer said, addresses the constitutionality of only President Trump's Reciprocal and Fentanyl Tariffs.

"Extensive tariffs that President Trump has imposed pursuant to other statutory authorities will remain in place. For example, existing Section 301 tariffs on China range from 7.5 percent to 100 percent, depending on the product, and existing sectoral Section 232 tariffs range from 10 percent to 50 percent, depending on the product. These measures cover 30 percent of existing U.S. imports," his statement read.

Backing President Trump's tariffs that were struck down by the apex court, Greer said the use of the International Economic Emergency Powers Act ("IEEPA") was a necessary and appropriate tool to quickly and flexibly address major challenges originating from outside the United States, including the fentanyl, immigration, and trade deficit crises.

"Regardless of the Court's decision today, these challenges--and the enormous progress we've made--remain," he affirmed.

"The Trump Administration is committed to continue implementing the President's trade policy, which was at the core of his campaign and agenda. For many months, the Trump Administration has cautioned foreign trading partners and the business community that if the Supreme Court were to limit the President's authority to impose tariffs under IEEPA, alternative tools would be implemented to address many of the issues at the heart of the President's reciprocal tariff program."

- ANI