Economy9d ago·14 sources
President Trump announced a 15% global tariff on all imports entering the U.S., effective immediately. Here is what to know.
Following a Supreme Court ruling that struck down his broad tariffs under an emergency powers law, President Trump announced an immediate increase in global tariffs from 10% to 15%. He stated this decision was a response to the court's "ridiculous, poorly written, and extraordinarily anti-American decision." The Supreme Court, in a 6-3 ruling, determined that Congress, not the president, holds the constitutional power to impose taxes, including tariffs. Trump indicated he would utilize other legal authorities, such as Section 301 and Section 122 of the Trade Act of 1974, to maintain tariffs, though these provisions have tighter constraints and limitations compared to the previously used International Emergency Economic Powers Act (IEEPA). Vice President JD Vance criticized the ruling, while administration officials acknowledged that alternative methods are less efficient. The article also details the specific limitations of Sections 301 and 122, including investigation timelines and duration limits for tariffs.