There is also a legal cloud hanging over the reciprocal tariffs. In May, the Court of International Trade in New York found they were unlawful, as Trump had exceeded his authority by imposing them using emergency laws.
The administration’s appeal was heard in Washington on Thursday (Friday AEST) before a panel of judges who expressed scepticism at times about the case presented by the government’s lawyers.
As Trump had already announced, tariffs on goods from India will be set at 25 per cent; Japan and South Korea will be 15 per cent, and Indonesia, Pakistan, Cambodia, Thailand Malaysia will all be 19 per cent.
Tariffs on South Africa are to remain at 30 per cent, the rate for Israel was adjusted to 15 per cent from 17 per cent, while tariffs on goods from Switzerland were increased from 31 per cent to 39 per cent.
“President Trump is using tariffs as a necessary and powerful tool to put America First after many years of unsustainable trade deficits that threaten our economy and national security,” the White House said.
- For more: Elrisala website and for social networking, you can follow us on Facebook
- Source of information and images “brisbanetimes”“
