America to stop levying emergency tariffs from today, what warning Donald Trump issued?
The US government will stop levying the emergency tariffs imposed by President Trump starting Monday. Meanwhile, US President Donald Trump on Monday warned countries that back out of the tariff agreement.
The tariffs imposed under the IEEPA were giving the US an income of more than $500 million (Rs 4,500 crore) per day. Now that these tariffs have been rescinded, companies can seek refunds.
Trump stated that any country attempting to "play games" with the US in the name of a trade deal would face dire consequences and lead to even higher tariffs.
Trump threatened those countries in a post on Truth Social that they would face even worse consequences.
Trump wrote, "Any country that wants to 'play games' with us under the guise of a ridiculous Supreme Court decision, especially those that have deceived the United States for years and even decades, will face even higher tariffs. The consequences will be far worse than the tariffs currently agreed upon."
Following the US Supreme Court's decision, India is treading cautiously. It is trying to balance its trade interests and avoid conflict with the Trump administration. India's Ministry of External Affairs simply stated that it was studying the US Supreme Court's decision.
The US Supreme Court had declared these tariffs illegal three days earlier. US Customs and Border Protection (CPB) said in a statement that the levy of the tariffs, imposed under the 1977 International Emergency Economic Powers Act (IEEPA), will stop at 12:01 a.m. Tuesday (10:30 a.m. Indian time). The agency has instructed importers to remove all codes related to these tariffs from their cargo systems.
According to economists at Penn Wharton Budget Models, this court decision could result in the US government having to return more than $175 billion (Rs 15.75 lakh crore) in lost revenue.