Trump noted that he signed an order introducing global tariffs from the Oval Office and that this measure will take effect soon. "It is a great honor for me to announce the launch of this tariff," he added.
The introduction of new tariffs was a response to the U.S. Supreme Court's decision, which deemed previous tariffs against certain countries illegal. According to the administration, the new tariffs will be in effect for 150 days, starting from February 24 at 06:01 Central European Time. To extend the tariffs for a longer period, Congressional approval will be necessary.
Trump referred to the Trade Act of 1974 as the legal basis for his decision. However, experts express doubts about the legality of applying this provision under current conditions.
The White House also announced some exceptions: the tariffs will not apply to goods that are vital to the U.S. economy. Such goods include rare earth metals, certain types of agricultural products, medications, and active pharmaceutical ingredients, as well as some cars, books, and aerospace products. Special customs agreements may be provided for a number of goods depending on their country of origin.
