Kathmandu. US President Donald Trump is considering imposing new tariffs using the old trade law.
The Wall Street Journal said it was preparing to temporarily impose tariffs on imported goods. This tariff can be 15 percent for 150 days. If this tariff is implemented, it will affect goods from all over the world and inflation will increase.
According to the report, no final decision has been taken so far. But if this measure is adopted, there will be a new attempt to reimpose the tax policy amid legal uncertainty. This law allows the U.S. government to impose temporary taxes without congressional approval. Which limits both the rate and the time period.
President Donald Trump’s administration is considering a temporary effort to impose tariffs on large parts of the global economy under existing legislation, according to a journal report. Which can allow a tariff of up to 15 percent for 150 days. This strategy is not entirely new. This comes as Trump’s approach to trade tariffs has stalled following recent legal challenges.
‘Plan B’ preparing Trump
The New York Federal Court had stayed Trump’s tariffs. Since then, Trump’s team has come up with this option as a ‘Plan B’. However, the Appeals Court allowed Trump to re-impose tariffs under emergency power. Which means Trump’s tariffs have been restored.
Despite this, the Trump government is working on ‘Plan B’. So that if there is any problem in the future, a temporary tariff of 150 days can be implemented. This information has been given in the report of The Wall Street Journal.
What is the possible strategy?
According to a Wall Street Journal report, the authorities are working on two special things.
broad-based tariffs: Using clauses of the Trade Act of 1974 to impose tariffs of up to 15% for 150 days in international markets. Any extension beyond 150 days will require congress approval.
Country-specific tariffs: Imposing different tariffs under different sections of the same law against countries engaged in unfair international trade. – Agency
