Trump Announces New 10% ‘Global Tariff’

[Wandering Eyes]

The uncertainty felt by stakeholders within the European bloodstock industry appears likely to persist into the summer after US President Donald Trump announced a 10% “global tariff” which will be in place for around five months.

Trump's “reciprocal tariffs”, imposed on most of the rest of the world last April under an emergency powers law, were overturned by the US Supreme Court on Friday in a major blow to the President's economic agenda.

However, speaking at the White House, Trump said that the Supreme Court decision affirmed his ability to charge more tariffs under different statutes.

He said, “In order to protect our country, a president can actually charge more tariffs than I was charging, under the various tariff authorities. So, we can use other of the statutes, other of the tariff authorities, which have also been confirmed and are fully allowed.

“Therefore, effective immediately, all national security tariffs under Section 232 and existing Section 301 tariffs, they're existing, they're there, remain in place, fully in place. And in full force.

“Today, I will sign an order to impose a 10% global tariff under Section 122, over and above our normal tariffs already being charged. And we're also initiating several Section 301 and other investigations to protect our country from unfair trading practises of other countries and companies.”

Trump said that some trade deals negotiated after he imposed his reciprocal tariffs will no longer be valid after the US Supreme Court ruling.

He added, “Some of them stand. Many of them stand. Some of them won't, and they'll be replaced with the other tariffs.”

It has been reported that over 1,600 horses have been permanently imported into America from Britain and Ireland alone over the past four years. Under Trump's tariffs, imports arriving from Britain were due to incur a 10% tariff, while those coming from the EU were to be charged 15%.

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