US President Donald Trump has signed 10% tariffs order on all nations, including India, after the Supreme Court termed the Trump administration's global tariffs illegal on Friday, February 21. The apex court stated that the International Emergency Economic Powers Act (IEEPA), a 1977 statute, does not allow the imposition of such tariffs.
The act only prohibits certain international transactions during a national emergency and it does not give authority to the US President to impose tariffs.
After the rebuke to the Trump administration, Donald Trump said that he had signed an order to impose 10% global tariffs in response to the US Supreme Court decision.
"It is my Great Honor to have just signed, from the Oval Office, a Global 10% Tariff on all Countries, which will be effective almost immediately," Trump wrote on his Truth Social platform.
Also Read | Donald Trump's Global Tariffs Illegal: US Supreme Court Deals Major Blow to President.
Trump posted on Truth Social, "Those members of the Supreme Court who voted against our very acceptable and proper method of TARIFFS should be ashamed of themselves. Their decision was ridiculous, but now the adjustment process begins, and we will do everything possible to take in even more money than we were taking in before"
How Much Tariff Does India Pay Now?
After the Supreme Court ruling invalidated the Trump administration's reciprocal tariffs, Trump on Friday said, "nothing changes with India." The US and India has singed a trade deal agreement under which Trump cut the reciprocal tariff to 18% from the previous 50% after New Delhi said it is not buying Russian oil. India, on the other hand, agreed to impose zero tariffs on US goods.
On a question regarding the US-India trade deal, Trump told news agency ANI, “Nothing changes. They'll be paying tariffs, and we will not be paying tariffs...” He called Prime Minister Narendra Modi “a great man” and said he was “much smarter than the people he was against in terms of the US...”
Also Read | US shifts India, UK, EU to 10 per cent tariff after court ruling.
"He was ripping us off. So we made a deal with India... We are not paying tariffs to them and they are. We did a little flip," Trump said.
When asked whether India will have to pay 10 percent tariffs and whether they will replace previous tariffs under the International Emergency Economic Powers Act (IEEPA), the official told ANI, “Yes, 10% until another authority is invoked.”