WASHINGTON: In a significant blow to President Donald Trump’s signature economic policy, the US Supreme Court has delivered a setback to his sweeping tariff regime. Following the verdict, the import tariff on Indian goods has been reduced to 10 per cent from the earlier 18 per cent. After signing the new order, Trump announced on social media that the revised rates would be effective almost immediately, specifically starting February 24 for a duration of 150 days.
The President utilized Section 122 of the Trade Act of 1974 to impose these new global levies, a provision that allows for temporary surcharges of up to 15 per cent to address serious balance-of-payments deficits. While the new duty applies broadly, exemptions remain for specific sectors like pharmaceuticals and for goods imported under the US-Mexico-Canada agreement. (NDTV)
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