By Srijita Chakraborty
President Donald Trump made the announcement Saturday that he will increase tariffs worldwide to 15% from 10%, effective immediately, just a day after the U.S. Supreme Court invalidated a major part of his trade agenda.
The announcement was made through a post on Truth Social by Trump. He added that over the next few months, his administration would determine and issue new “legally permissible” tariffs. It remains unclear whether official documents formalizing the 15% rate have been signed.
This follows the Supreme Court decision of 6-3 that Trump was wrong in using the International Emergency Economic Powers Act (IEEPA) in imposing tariffs on imports. Trump, reacting to the decision, on Friday used Section 122 of the Trade Act of 1974 to impose a 10% global tariff for a period of up to 150 days, pending approval by Congress in case of extension.
According to a fact sheet by the White House earlier, the 10% tariffs are set to kick in on Tuesday at 12:01 a.m. ET. The Trump administration has not yet explained how the new 15% tariff rate will impact this.
Trump was highly critical of the court’s decision, terming it “ridiculous” and “extraordinarily anti-American,” and even publicly scolded Justices Neil Gorsuch and Amy Coney Barrett for joining the majority in the decision.
The Democrats were pleased with the decision, with Senate Minority Leader Chuck Schumer terming the tariffs “chaotic and illegal.” Markets initially rallied after the ruling, and analysts estimate the government could owe over $175 billion in refunds to importers affected by the invalidated levies.