Trump Imposes 10% Global Tariff After SCOTUS Ruling

In a move that is set to escalate global trade tensions, President Donald Trump announced on Friday that the US will impose a 10% global tariff, in addition to existing tariffs, under Section 122. This decision comes after the US Supreme Court struck down the Trump administration's global tariffs. (Source: Bloomberg)

The new tariff will be imposed on top of tariffs already being charged, and will apply to all countries. Trump declared all national security tariffs under Section 232 and existing Section 301 tariffs to be in full force and effect.

The move is likely to have significant implications for global trade, particularly for countries that rely heavily on exports to the US. The tariff increase is expected to affect a wide range of industries, from manufacturing to agriculture.

Meanwhile, in Chile, state-owned copper mine Codelco is facing its own challenges. The company has announced that output at its flagship mine will remain stagnant for several years due to a recent accident. The accident, which was the deadliest mine accident in Chile in decades, has had a significant impact on the company's operations.

Codelco expects output at the mine to remain around current reduced levels for several years as the company grapples with the fallout from the accident. The company has not provided a specific timeline for when output is expected to return to normal.

The stagnation in output at Codelco's flagship mine is likely to have significant implications for the global copper market. Chile is the world's largest copper producer, and Codelco is one of the largest copper mines in the country.

The combination of the US tariff increase and the stagnation in output at Codelco's mine is likely to have a significant impact on global trade and the copper market. The US is a major consumer of copper, and the tariff increase is likely to affect the demand for the metal.

The stagnation in output at Codelco's mine is also likely to have significant implications for the Chilean economy. Mining is a significant contributor to Chile's GDP, and the stagnation in output at Codelco's mine is likely to have a ripple effect throughout the economy.

As the global economy continues to evolve, it remains to be seen how the US tariff increase and the stagnation in output at Codelco's mine will play out. One thing is certain, however: the move is likely to have significant implications for global trade and the copper market.

In related news, the US Supreme Court's ruling on the Trump administration's global tariffs has been widely seen as a significant development in the ongoing trade tensions between the US and its trading partners. The ruling has been interpreted as a victory for the US administration, which has been seeking to impose tariffs on imports from countries around the world.

The US has been imposing tariffs on imports from countries such as China, Canada, and Mexico, citing national security concerns and unfair trade practices. The tariffs have been met with retaliation from affected countries, leading to a significant escalation in trade tensions.

The situation remains fluid, with the US and its trading partners continuing to negotiate and impose tariffs on each other's imports. The outcome of these negotiations and the impact of the tariffs on global trade remains to be seen.

Sources:

• Bloomberg: "Trump to Impose 10% Global Tariff After SCOTUS Ruling"
• Reuters: "Codelco Says No Growth at Flagship Mine for Years After Accident"