Donald Trump announced that he will increase US global tariffs from 10% to 15%
Donald Trump announced this Saturday that he will raise the United States' global tariff from 10% to 15% "with immediate effect," following the significant setback that the Supreme Court dealt to his trade policy on Friday. "As President of the United States of America, I will increase, with immediate effect, global tariffs from 10% (...) to the fully authorized and legal level of 15%," he wrote on his Truth Social network.
TL;DR
- Donald Trump announced an immediate increase in global tariffs from 10% to 15%.
- This action follows a Supreme Court ruling that blocked Trump's previous trade policy, stating the law used did not grant unilateral authority for global tariffs.
- The Supreme Court's decision, 6-3, determined the 1977 law used by Trump did not empower the president to unilaterally set global tariffs.
- The ruling affects existing tariffs and additional tariffs on specific countries like Mexico, Canada, Brazil, and India.
- Trump criticized the Supreme Court, vowing to find legal alternatives to uphold his tariff policy.
- Scott Bessent, Secretary of the Treasury, estimated minimal change in tariff revenues for 2026.
- The University of Pennsylvania projected up to $175 billion in refunds to affected companies.
- Yale University calculated the American consumer will face an effective tariff rate of 9.1%, the highest since 1946 (excluding 2025).
- Business organizations like the National Retail Federation welcomed the decision for certainty, while Senator Elizabeth Warren and Governor Gavin Newsom raised concerns about tariff refunds.
- Canada described the tariffs as "unjustified," and the EU and UK will analyze the ruling's scope.
- French President Emmanuel Macron praised the US system of checks and balances but noted Trump's subsequent tariff announcement.
- Asian countries like Japan, Taiwan, and Hong Kong anticipate limited impact, with South Korea convening an emergency meeting.