President Trump Imposes 10% Global Tariff on Foreign Goods

Any foreign product entering the United States will be subjected to a 10% tariff before it can access that market.

President Donald Trump on Friday, through a directive ordered the tariff which will take effect February 24th at 12:01 a.m. Washington time, according to a fact sheet released by the White House.

The US trade Act of 1974, grants the president unilateral ability to impose tariffs.

“It is my Great Honor to have just signed, from the Oval Office, a Global 10% Tariff on all Countries, which will be effective almost immediately. Thank you for your attention to this matter!” President Trump said via a social media post.

Meanwhile, along with the flat 10% rate, Trump said he would keep in place existing import taxes under Section 301 and Section 232 and signaled plans to undertake more trade investigations.

Trump directed the Office of the US Trade Representative to begin probes under its Section 301 authority, according to the fact sheet.

Experts argue that President Trump’s plan to impose a 10% global duty could lift the average US effective tariff rate to 16.5% from 13.6%, or lower it to 11.4% if current exemptions are maintained,