President Trump raises global tariffs to 15%, DPM Gan says Singapore assessing situation
United States (US) President Donald Trump doubled down by increasing global tariffs up to 15% on 21 Feb.
In a rant on social media, Trump criticised the recent ruling from the US Supreme Court striking down his use of tariffs as illegal.
Source: The White House on Facebook
Singapore’s Deputy Prime Minister (DPM) Gan Kim Yong has since said the Government is assessing the potential impact.
Trump doubles down on tariffs after Supreme Court rules them as illegal
Since taking office again in his second term as President, Donald Trump’s global economic policy has been marked by sweeping tariffs.
He used the International Emergency Economic Powers Act (IEEPA) in order to impose these tariffs on countries worldwide.
On 20 Feb, the Supreme Court ruled 6-3 that IEEPA did not grant Trump the power to impose tariffs as he had claimed.
Source: Kjetil Ree on Wikimedia Commons
The President instead switched to imposing the same 10% global tariffs, this time using Section 122 of the Trade Act of 1974.
Under this law, tariffs can only last for 150 days and be no higher than 15%.
For Singapore, affected by the previous 10% tariffs, this meant no change.
Trump raises tariffs to 15% ‘effective immediately’
However, Trump took to Truth Social on 21 Feb and called the Supreme Court decision “ridiculous, poorly written, and extraordinarily anti-American”.
Source: @realDonaldTrump on Truth Social
He promptly announced that, “effective immediately”, he would raise the 10% worldwide tariff to 15%, which he called “fully allowed”.
Trump once more accused the countries of the world of ripping the US off.
CNA reported DPM Gan Kim Yong stating that Singapore would likely fall under the new 15% tariff.
Source: Gan Kim Yong on Facebook
However, the US government has yet to explain details on the implementation of the elevated tariffs. As such, the Singapore government cannot make a proper assessment of the effects yet.
Noting the time limit on the new tariff law, DPM Gan expects even more changes in the future.
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Featured image adapted from The White House on Facebook and Gan Kim Yong on Facebook.
