US govt notice stating global tariffs of 10% causes confusion:Trump’s Truth Social post mentions ‘15% ‘Worldwide Tariffs’

The U.S. Customs and Border Protection issued a notice stating the rate of global tariffs would be 10% in contrary to 15% ‘Worldwide Tariffs’, earlied announced by the US President Donlald Trump, reported, news agency, Reuters. The US government’s notice states that the rate of the global tariffs will be 10%. Ironically, President Trump had said that ‘15% Worldwide Tariffs’ would be imposed, hiking from initially announced 10% under the Section 122. However, the official notice from Customs and Border Protection states the tariff will be 10%, leaving many wondering about the change. The reason for the lower rate is unclear, adding to the uncertainty surrounding U.S. trade policy. Some reports suggest the increase to 15% may come later, but this has not been confirmed. Trump flexes muscles Trump on Monday had warned that countries “playing games” after a recent Supreme Court ruling could face even higher tariffs. “Any Country that wants to ‘play games’ with the ridiculous supreme court decision, especially those that have ‘Ripped Off’ the U.S.A. for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to,” he posted via his social media company Truth Social. The court had last week struck down global tariffs his administration had imposed, saying they exceeded his authority under the International Emergency Economic Powers Act. The lack of clarity has caused concern in the markets. Eg, the European stock markets experienced a slight dip as traders reacted to the uncertain trade outlook. The new tariffs went into effect at midnight, while the collection of the previous tariffs, which had ranged from 10% to 50%, was stopped. Will companies get tariff refunds? It’s still unknown whether companies will receive refunds for the tariff payments they made under the previous system. The US government is implementing these tariffs under Section 122 that allows the president to impose duties for up to 150 days to address significant trade deficits. The President’s order argues that a large trade deficit exists, with the U.S. buying far more goods from other countries than it sells.