Trump Cuts Global Tariff to 10% Post SC Rebuke on Old Levies

From 18% to 10%: Trump's Tariff Shift

Trump imposed a new global levy on goods imported into America after the Supreme Court ruled against his punitive tariffs, delivering a stinging rebuke of his hallmark economic policy — India now pays a 10 per cent tariff rate from 18 per cent previously.
Trump said on social media that the new tariff order was “effective almost immediately.” The new duty takes effect on February 24 for 150 days, but exemptions have been granted to sectors under separate probes, including pharma. 

Section 122: Trump's Tool

Trump hit new tariffs, under Section 122 of the Trade Act of 1974, which allows the President to take action to resolve some basic international payment problems through surcharges and other special import restrictions.
Section 122 of the Act allows the US president to levy temporary tariffs of up to 15 per cent for a maximum of 150 days to narrow an unbalanced U.S. balance-of-payments deficit.

Framework for Bilateral Trade Boost

Earlier this month, the United States and India announced a framework for an interim agreement on trade after Trump had issued an executive order removing the punitive tariffs of 25 per cent on India for receiving Russian oil, and reducing New Delhi's reciprocal tariffs from 25 per cent to 18 per cent.
With the new tariff rate being set at 10 per cent, applicable to all countries in the world, goods imported by India to the US are no longer subject to the 18 per cent tariff rate decided upon, following a preliminary agreement on trade between India and the U.S. announcement.