Trump tariffs struck down by Supreme Court; Chinese expert warns of new chapter in trade war
Tokyo (ANTARA) - The US Supreme Court's decision to strike down President Donald Trump's import tariffs is likely to trigger a new and more complex chapter in the trade war, according to a Chinese economic expert.
Trump's retaliatory move to launch a new "global tariff" of 10 per cent will create deeper uncertainty for world markets, the expert said, as quoted by Global Times, a tabloid affiliated with the Chinese Communist Party, on Saturday (21/2).
Previously, the Chinese government described the ruling, which declared Trump's tariffs unconstitutional, as "an encouraging signal for the world."
However, the expert cautioned that the Trump tariff issue "will remain complex" and is unlikely to be resolved in the short term, as the US government seeks to continue tariff measures "by whatever means it can find."
The US Supreme Court ruled on Friday that Trump exceeded his authority when he used emergency legislation last year — the International Emergency Economic Powers Act — to impose sweeping import tariffs.
Meanwhile, the South Korean presidential office convened an emergency meeting in response to the ruling. The country will closely monitor the proposed additional 10 per cent duty.
"Uncertainty in the trade environment has increased," said a spokesperson for the South Korean presidential office.
The spokesperson added that South Korea would continue consultations with the United States to ensure that export provisions in the US-South Korea tariff agreement are not eroded.
Other countries affected by changes in Trump's tariff policy are also adopting a cautious stance whilst assessing the potential impact.
Source: Kyodo
Trump's retaliatory move to launch a new "global tariff" of 10 per cent will create deeper uncertainty for world markets, the expert said, as quoted by Global Times, a tabloid affiliated with the Chinese Communist Party, on Saturday (21/2).
Previously, the Chinese government described the ruling, which declared Trump's tariffs unconstitutional, as "an encouraging signal for the world."
However, the expert cautioned that the Trump tariff issue "will remain complex" and is unlikely to be resolved in the short term, as the US government seeks to continue tariff measures "by whatever means it can find."
The US Supreme Court ruled on Friday that Trump exceeded his authority when he used emergency legislation last year — the International Emergency Economic Powers Act — to impose sweeping import tariffs.
Meanwhile, the South Korean presidential office convened an emergency meeting in response to the ruling. The country will closely monitor the proposed additional 10 per cent duty.
"Uncertainty in the trade environment has increased," said a spokesperson for the South Korean presidential office.
The spokesperson added that South Korea would continue consultations with the United States to ensure that export provisions in the US-South Korea tariff agreement are not eroded.
Other countries affected by changes in Trump's tariff policy are also adopting a cautious stance whilst assessing the potential impact.
Source: Kyodo