US President Donald Trump on Saturday said he will raise the temporary tariff rate on all US imports to 15 per cent, up from 10 per cent he ordered a day ago.
"I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been 'ripping' the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level," he posted on Truth Social.
This comes a day after the US Supreme Court ruled against the pivotal tariffs imposed by Trump without Congress approval. Irked over the court ruling, Trump directed a 10 per cent tariff on all imports to the US for 150 days from February 24.
"I have the right to do tariffs, and I've always had the right to do tariffs," Trump said at a news conference, adding that he doesn't need Congress.
India on Saturday said it is studying the implications of the US Supreme Court verdict on tariffs and President Donald Trump's decision to increase the tariff.
“We have noted the US Supreme Court judgement on tariffs yesterday. President Trump has also addressed a press conference in that regard. Some steps have been announced by the US Administration. We are studying all these developments for their implications," the Ministry of Commerce and Industry wrote in an official statement.
Trump also clarified that there is no change in the trade deal with India and emphasised that the India deal is on. "Nothing changes. They will be paying tariffs. And we will not be paying tariffs. This is a reversal for what it used to be," he said.