<p>US President <a href="https://www.deccanherald.com/search?q=Donald%20Trump">Donald Trump</a> on Friday signed an executive order that repealed the existing tariffs on all countries after the Supreme Court deemed it to be illegal and also announced new 10 per cent global <a href="https://www.deccanherald.com/search?q=Tariffs">tariffs </a>under Section 122 of the Trade Act of 1974. </p><p>This authority allows for a temporary import surcharge (up to 15 per cent) for 150 days to address balance-of-payments deficits.</p>.Trump announces new 10% tariff on all countries after US Supreme Court ruling.<p><strong>What it means for India</strong></p><p>The new order, effective from February 24 according to the White House, means Indian imports in the US will now face 10 per cent tariff rather than the 18 per cent that was agreed upon in the recent interim trade deal. </p><p>A White House Official, when asked whether India will have to pay 10 per cent tariffs and whether they will replace previous tariffs under the International Emergency Economic Powers Act (IEEPA), told <em>ANI</em>, "Yes, 10 per cent until another authority is invoked."</p><p>However, the official advised all trade partners to abide by their trade deals. </p><p>The Supreme Court on Friday ruled 6-3 that the Trump administration exceeded its legal authority by using the International Emergency Economic Powers Act (IEEPA) of 1977 to impose broad-based import tariffs.</p><p><strong>India deal is still on, says Trump </strong></p><p>Even though the White House official said India and all other countries will now face 10 per cent levy, Trump remained adamant on the trade deal with India, adding that New Delhi will be paying tariffs and Washington won't. </p><p>“Nothing changes. They'll (India) be paying tariffs, and we will not be paying tariffs. So deal with India is they pay tariffs. This is a reversal for what it used to be. As you know, India and I think Prime Minister Modi is a great gentleman, a great man, actually, but he was much smarter than the people that he was against in terms of the United States, he was ripping us off. So we made a deal with India. It's a fair deal now, and we are not paying tariffs to them, and they are paying tariffs. We did a little flip,” Trump told reporters at the White House.</p><p>“The India deal is on…all the deals are on, we're just going to do it in a different way," Trump added. </p>
<p>US President <a href="https://www.deccanherald.com/search?q=Donald%20Trump">Donald Trump</a> on Friday signed an executive order that repealed the existing tariffs on all countries after the Supreme Court deemed it to be illegal and also announced new 10 per cent global <a href="https://www.deccanherald.com/search?q=Tariffs">tariffs </a>under Section 122 of the Trade Act of 1974. </p><p>This authority allows for a temporary import surcharge (up to 15 per cent) for 150 days to address balance-of-payments deficits.</p>.Trump announces new 10% tariff on all countries after US Supreme Court ruling.<p><strong>What it means for India</strong></p><p>The new order, effective from February 24 according to the White House, means Indian imports in the US will now face 10 per cent tariff rather than the 18 per cent that was agreed upon in the recent interim trade deal. </p><p>A White House Official, when asked whether India will have to pay 10 per cent tariffs and whether they will replace previous tariffs under the International Emergency Economic Powers Act (IEEPA), told <em>ANI</em>, "Yes, 10 per cent until another authority is invoked."</p><p>However, the official advised all trade partners to abide by their trade deals. </p><p>The Supreme Court on Friday ruled 6-3 that the Trump administration exceeded its legal authority by using the International Emergency Economic Powers Act (IEEPA) of 1977 to impose broad-based import tariffs.</p><p><strong>India deal is still on, says Trump </strong></p><p>Even though the White House official said India and all other countries will now face 10 per cent levy, Trump remained adamant on the trade deal with India, adding that New Delhi will be paying tariffs and Washington won't. </p><p>“Nothing changes. They'll (India) be paying tariffs, and we will not be paying tariffs. So deal with India is they pay tariffs. This is a reversal for what it used to be. As you know, India and I think Prime Minister Modi is a great gentleman, a great man, actually, but he was much smarter than the people that he was against in terms of the United States, he was ripping us off. So we made a deal with India. It's a fair deal now, and we are not paying tariffs to them, and they are paying tariffs. We did a little flip,” Trump told reporters at the White House.</p><p>“The India deal is on…all the deals are on, we're just going to do it in a different way," Trump added. </p>
