President Trump said he signed an executive order on Friday imposing a 10 percent tariff on imports from countries around the world, hours after the Supreme Court ruled a set of sweeping emergency tariffs were unconstitutional.<\/p>\n\n\n\n
\u201cIt 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,\u201d Trump wrote in a Truth Social post.<\/p>\n\n\n\n
The details of the plan were outlined in the text of the order and a fact sheet released by the White House late Friday.<\/p>\n\n\n\n
The president is enacting the policy under Section 122 of the 1974 Trade Act, a provision that allows for tariffs of up to 15 percent for 150 days to address \u201clarge and serious\u201d trade deficits.<\/p>\n\n\n\n
The temporary import duties are set to take effect at 12:01 a.m. on Feb. 24, according to the White House.<\/p>\n\n\n\n
A wide range of goods are expected to be excluded from the universal tariff, including certain critical minerals, metals, agricultural products such as beef and tomatoes, pharmaceuticals and electronics.<\/p>\n\n\n\n
The White House said Canada and Mexico will also be exempt from the new tariffs because of the trilateral free trade agreement that was ratified during Trump\u2019s first term in 2020.<\/p>\n\n\n\n
Trump\u2019s order kept steel and aluminum tariffs implemented under Section 232 of the Trade Act in place, as well as tariffs on a wide range of Chinese goods under Section 301, which were untouched by the court\u2019s order.<\/p>\n\n\n\n
A separate executive order signed Friday formally started the process of repealing the International Emergency Economic Powers Act (IEEPA) tariffs struck down by the Supreme Court, noting that those \u201cshall no longer be collected.\u201d<\/p>\n\n\n\n
The court ruled in a 6-3 decision that Trump\u2019s expanded use of the IEEPA exceeded his authority, dealing a massive blow to a cornerstone of the president\u2019s economic agenda.<\/p>\n\n\n\n
Earlier Friday, Trump cited several possible tools he could use to circumvent the court\u2019s ruling, which he slammed as \u201cdeeply disappointing.\u201d<\/p>\n\n\n\n
\u201cTheir decision\u2019s incorrect. But it doesn\u2019t matter, because we have very powerful alternatives that have been approved by this decision,\u201d he said during a press conference at the White House.<\/p>\n\n\n\n
The president has taken particular ire with conservative Justices Neil Gorsuch and Amy Coney Barrett, who joined with Chief Justice John Roberts and the court\u2019s liberal justices in rejecting Trump\u2019s argument that he could unilaterally impose the tariffs without congressional approval.<\/p>\n\n\n\n
\u201cThose members of the Supreme Court who voted against our very acceptable and proper method of TARIFFS should be ashamed of themselves,\u201d Trump wrote in a Truth Social post. \u201cTheir 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!\u201d<\/p>\n\n\n\n