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US Treasury Secretary Scott Besant has indicated that America may increase the import duty on goods coming from around the world from 10% to 15% this week. He told that within 5 months the tariff rates can go back to where they were before the court order.
New Delhi. Recently, President Donald Trump had imposed a universal tariff of 10%, but now there are preparations to increase it further. Treasury Secretary US Treasury Secretary Scott Besant has indicated that America may soon increase its 10% universal import tariff to 15 percent. Speaking to CNBC, Besant said that this change is likely to happen this week. This step is considered to be another major change in the trade policy of President Donald Trump.
Last month, the Supreme Court struck down large parts of Trump’s old tariff structure. After this Trump imposed a new universal tariff of 10%. However, Besant clarified that under the existing law, these new tariffs can remain in force only for 150 days.
Old rates may return in 5 months
During this period, US officials will explore alternative legal avenues to re-implement the old tariff framework. Besant expressed confidence that tariff rates can return to their previous levels within 5 months. He said that the tariffs imposed under Section 301 and Section 232 are slow, but stronger.
US Supreme Court gave a blow to Trump
Last month, the Supreme Court struck down Trump’s global tariffs, dealing a blow to his major economic policy. After this, the companies have also started a legal battle for refund. These developments may also impact global trade and export-based economies like India, as the US is changing its tariff strategy.
Statement on Global Oil Market
Besant also commented on the global oil market. He said that the global supply of crude oil is sufficient and there is no need to panic in the market. He said that there are hundreds of millions of barrels of oil present in the ocean off the Gulf region. He also told that America is working on a plan to provide insurance facility to oil ships and ensure safe movement through the Strait of Hormuz.
Crude Oil and China
Besant said that more than 50% of China’s energy needs come from the Persian Gulf region. He said that China was probably buying 95% of Iranian crude oil, which is currently on hold. On the question of possible trade ban with Spain, Besant said that if such a step is taken, it will be a joint effort of many departments. However, he did not clearly say whether such a ban would be imposed or not.
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After starting his career in print media, he has been working as a senior copy editor in News18Hindi for the last 8 years. Has been a part of the business news team for almost 4 years. Has experience of about one and a half decade in media. Bijan…read more
