fter the US Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the president to impose large-scale tariffs, the Trump administration turned to other trade law provisions and announced a 15% tariff increase on goods from all countries and regions, triggering chaos in US tariff policy and plunging global trade prospects into uncertainty. US media pointed out that during the Trump administration, the only certainty for businesses and governments around the world was uncertainty, and the Supreme Court’s ruling has further exacerbated the turmoil in global trade.

Major US trading allies have expressed concerns one after another. Although Europe, Japan, South Korea and other countries stated that they will maintain the reached trade agreements, they generally have doubts about the future direction of US policy. There are differences of opinion within Europe: the European Commission insists on the trade agreement reached with the US, while the European Parliament has suspended the approval process. Its Chairman of the International Trade Committee stated that the current situation is contrary to the pursuit of stability and predictability. The Chairman of the Tax System Research Committee of Japan’s Liberal Democratic Party bluntly said that US tariff policy is “a mess” and worried that various countries will alienate the US because of this.

For some countries, this tariff increase means a rise in tax rates. Many goods from Australia, Singapore, the UK and other countries previously applicable to a 10% tariff will rise to 15% this time. Singapore’s Deputy Prime Minister stated that this situation is a severe reminder to all countries that they are currently facing an unpredictable and highly uncertain business environment. Governments and enterprises around the world are urgently assessing whether they need to restructure global supply chains, restart trade agreements, and apply for huge tariff refunds, and the global trade pattern is facing restructuring pressure.