U.S. President Donald Trump said on the 21st (local time) that he will raise the newly introduced "global tariff" to 15% from the existing 10%. It came a day after Trump moved to create the tariff in protest of the Supreme Court's ruling that reciprocal tariffs are unlawful.
On his social media (SNS) Truth Social that morning, President Trump said that major trading partners "have exploited the United States for decades and yet have been left unpunished," and he added the following. He said the tariff "will take effect immediately." He also said he will finalize and announce a new tariff legally permitted within the next few months.
On the 20th, the U.S. Supreme Court ruled that President Trump's tariff imposed under the International Emergency Economic Powers Act (IEEPA) was unlawful. As a result, the reciprocal tariff Trump introduced in April last year was also nullified.
In response, President Trump signed a 10% global tariff on every country in the world under Section 122 of the Trade Act.
Section 122 of the Trade Act was enacted in 1974. The law provides that if the president determines the external economic situation, such as a deterioration in the U.S. trade balance, is urgent, the president may impose a tariff of up to 15% for up to 150 days. According to the White House, the global tariff takes effect from 12:01 a.m. on the 24th Eastern time (2:01 p.m. on the 25th Korea time).