Last Friday, the US Supreme Court ruled that the “Trump Tariffs” announced by President Trump last year were invalid. The court stated that there was no evidence of an “economic emergency” that would allow the use of IEEPA. President Trump immediately issued an executive order imposing a 10% tariff on all imported goods entering the United States.
But yesterday he issued a new order increasing the tariff to 15% on all imported goods. His rash action and the imposition of the tax immediately caused the US stock market to open lower today with the majority of technology company stocks showing a decline in value.
For Malaysia, the new 15% tax is still lower than the 19% that Trump agreed to after he attended the ASEAN summit in October. Since the Trump Tariffs were introduced, the US government has taken $175 billion which now needs to be returned.
