U.S. Democrats Vow to Block Extension of Trump's Global Tariffs
As U.S. President Donald Trump announced that he would impose a new global tariff following a U.S. Supreme Court ruling that reciprocal tariffs were illegal, the Democratic Party, the opposition party in the United States, declared it would block any attempt to extend the measure.
Chuck Schumer of New York, the Senate Majority Leader from the Democratic Party, wrote on his X account (X, formerly Twitter) on the 23rd (local time), "Senate Democrats will block any effort to extend Trump's tariffs when they expire this summer."
Earlier, President Donald Trump had announced that after the U.S. Supreme Court ruled that the imposition of reciprocal tariffs and fentanyl tariffs based on the International Emergency Economic Powers Act (IEEPA) was illegal, he would impose a new global tariff grounded in Section 122 of the Trade Act.
President Trump initially announced that he would impose a 10% tariff. He later raised this to 15%.
Section 122 of the Trade Act stipulates that if the United States faces a "large and serious" trade deficit, the president may impose tariffs of up to 15% for a maximum of 150 days (about five months). However, any extension beyond 150 days is only possible with congressional approval.
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
In his post, Leader Schumer criticized, "Trump's chaotic tariff policy has been rebuked by Democrats, Republicans, and even the Supreme Court," adding, "These (tariff policies) are a tax on Americans that increases the cost burden on households."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.