Confusion deepened across global markets on Tuesday, February 24, as United States (US) President Donald Trump’s 10 per cent global tariff under Section 122 of the Trade Act of 1974 came into force, even as the administration indicated that the rate could be increased to 15 per cent, leaving trading partners uncertain over the eventual duty burden.
The temporary surcharge, effective from 12:01 am on February 24, follows last week’s 6-3 ruling by the Supreme Court of the US striking down the administration’s sweeping reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court held that the president had exceeded his authority, reaffirming…