President Donald Trump’s new tariffs have come into effect today at a rate of 10%, after the US supreme court blocked many of his import taxes on Friday.
The president signed an executive order last Friday authorising the 10% tariffs just hours after the supreme court ruling. He later threatened to raise the rate to 15%, but did not officially do so by Tuesday 12.01am time in Washington, when the 10% levy came into effect.
However, Bloomberg is reporting that officials in the White House are working on a formal order that will increase the rate to 15%.
It comes after Trump declared this week that he can use tariffs in a “much more powerful and obnoxious way”.