Trump attacks Supreme Court, imposes 10% 'global tariff', then raises it to 15% - Yahoo Finance

The Supreme Court scrambled the US trade landscape Friday when it struck down the centerpiece of President Trump’s second-term tariff program, ruling 6-3 that his sweeping blanket tariffs are illegal.

The ruling came just over one year into Trump’s second term and after skeptical questioning from key justices during oral arguments last November. It appears set to immediately halt a massive section of Trump’s tariffs, which were announced last year on “Liberation Day” using a 1977 law called the International Emergency Economic Powers Act (IEEPA).

“IEEPA does not authorize the President to impose tariffs,” read the decision, written by Chief Justice John Roberts.

Trump attacked the high court in his first response Friday, particularly the justices in the majority, saying they were a "disgrace to our nation." He hinted that the administration would pursue alternative methods toward implementing its trade goals.

His first move: Imposing a 10% "global tariff" under Section 122 of the Trade Act of 1974. That statute allows the president to impose tariffs of up to 15% for up to 150 days to address trade deficits. After 150 days, Congress would need to approve any extension. That authority, however, has never been used to impose tariffs.

The president signed an executive order late Friday imposing the 10% tariffs under Section 122. Then on Saturday, he raised the levy to 15%

"Please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been 'ripping' the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level," Trump wrote in a social media post.

The SCOTUS ruling also raised the question of refunds, which could return over $100 billion to importers in the months ahead. It upholds two lower courts — including the US Court of International Trade — that previously found Trump did not have the authority to impose global tariffs using the 1977 law.

The decision will have wide-ranging ramifications, affecting global trade, consumers, companies, inflation and the pocketbooks of every American. In recent weeks, Trump has already made plans to roll back some tariffs on metals, including on steel and aluminum goods, as he and his administration seek to battle an affordability crisis ahead of the midterm elections.

After signing an order late Friday implementing a 10% global tariff, President Trump said on Saturday he will raise it to 15%.

Trump said in a press briefing on Friday that his administration would place a "10% global tariff ... over and above the normal tariffs already being charged" now that the Supreme Court has struck down his wide-sweeping tariff regime.

On Saturday, Trump said on social media he as raising the levy "to the fully allowed, and legally tested, 15% level."

In a 6-3 vote on Friday, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to levy tariffs, dealing a blow to the Trump administration's signature economic policy.

The high court's ruling, Trump said at the briefing, was "deeply disappointing."

The tariff, which Trump ordered in a Friday directive, is set to take effect Feb. 24 at 12:01 a.m. Washington time, according to a fact sheet released by the White House.

'We don't want to be some sort of hostage': EU considers response to latest Trump tariffs

France's trade minister on Saturday said the European Union has the tools to respond to President Trump's latest round of tariffs, the Financial Times reported. Nicolas Forissier saiad EU members should take a "united approach" to the extra levies — now at 15% — that Trump announced a day after a Supreme Court decision invalidated most of his previous tariffs.

Trump to visit China next month in wake of SCOTUS tariff ruling

President Trump will travel to China next month for a highly anticipated meeting between the leaders of the world's two biggest economies, Reuters reported:

Trump signs executive order implementing 10% 'global' tariffs

President Trump followed through on his threat to impose 10% 'global' tariffs after his levies were largely struck down by the Supreme Court on Friday, Bloomberg reports.

'It will not be automatic or immediate': Companies brace for a messy tariff refund process

Friday's landmark Supreme Court ruling struck down President Trump's blanket tariffs but left open a key question around whether companies that already paid the duties will be able to get refunds.

The court’s majority opinion was silent on that top-of-mind issue for companies, while President Trump signaled that he wouldn't give tariff refunds willingly.

"I guess it has to get litigated for the next two years," the president said as he declined to respond directly to a question of whether he would honor refunds for companies that file for them.

"It would have been a simple matter for the president to assure American taxpayers who carried this billions-of-dollar burden to commit to returning the funds that were unlawfully levied," said Erik Smithweiss, a partner focused on trade issues at the firm GDLSK, in an interview Friday afternoon.

"The notion that American taxpayers have to now litigate to get back money that the government illegally collected is unfortunate," he added.

The process ahead is murky, likely requiring plenty of legal wrangling as the refund issue now appears headed to lower courts, in particular the US Court of International Trade (CIT).

That three-judge panel previously ruled in 2025 that Trump's blanket tariffs were illegal, a ruling that the Supreme Court upheld Friday.

The Penn Wharton Budget Model laid out the stakes, saying that reversing these tariffs may generate up to $175 billion in refunds. The group added that, unless the duties are replaced by another source, future tariff revenue collections could also fall by half.

Trump says he'll impose 10% 'global' tariff under different authority

President Trump said in a press briefing on Friday that his administration will be placing a "10% global tariff ... over and above the normal tariffs already being charged" now that the Supreme Court has struck down his wide-sweeping tariff regime.

In a 6-3 vote on Friday, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to levy tariffs, dealing a blow to the Trump administration's signature economic policy.

The high court's ruling, Trump said at the briefing, was "deeply disappointing."

In those tariffs' place, which the president claimed authority under IEEPA to implement, a global tariff authorized under Section 122 of the Trade Act of 1974 will now be put in place, and the administration will be starting several trade investigations under Section 301.

The White House, Trump said, is ready to replace his tariff regime, struck down by the Supreme Court, with "methods, statutes, practices, and authorities" recognized by the court system and Congress that "are even stronger than IEEPA tariffs."

The alternative measures the administration will now put in place to replace the tariffs will "actually increase" the amount of money coming into the country, based on the court's decision, Trump said at the briefing.

The president also mentioned that "all national security tariffs" under Section 232 and Section 301 "remain fully in place and in full force and effect."

The Supreme Court's ruling on Friday leaves tariffs implemented under Section 232 of the Trade Expansion Act of 1962 — which cite national-security concerns — unchanged, keeping in place a range of import duties on products ranging from copper and semiconductors to automobiles and wood products such as cabinetry.

President Trump blasted the Supreme Court majority that struck down his ability to impose sweeping tariffs, calling the justices who ruled against his duties a "disgrace."

He also hinted in a press conference that he would seek alternative methods to continue his tariff regime. His first move: a 10% "global" tariff under a different authority that allows him to impose tariffs for up to 150 days.

"We have alternatives," Trump said. "Great alternatives."

You can watch his comments here:

Brett LoGiurato

Tariff ruling kicks off 'mess' of a refund fight

The Supreme Court majority that struck down President Trump's ability to issue blanket tariffs on US trading partners did not address the issue of refunds — that is, will companies be able to get them for the duties they paid ... that are now ruled unconstitutional?

From Bloomberg:

Though the Supreme Court majority didn't address it, the dissenting minority did. Justice Brett Kavanaugh, who authored the dissent, noted that the process could be a "mess" for the US Treasury to navigate.

The cards Trump still has left to play to rebuild his tariff regime

After the US Supreme Court struck down President Trump's tariffs, what are his options?

Trump himself has said previously that the law he used to implement the tariffs is an essential tool in his toolbox. But other members of the administration have suggested that the White House could simply rebuild his tariff regime through other — albeit more cumbersome — methods.

The Associated Press has a good rundown of his options:

US stocks rose in the immediate aftermath of the Supreme Court's decision to strike down President Trump's most sweeping tariffs. The Nasdaq Composite (^IXIC) led gains.

Sectors with more exposure to tariffs saw a bigger bounce. The Dow Jones Transportation Average (^DJT) popped around 1%. Abercrombie & Fitch (ANF) saw outsize gains, as did Stanley Black & Decker (SWK).

The US Supreme Court changed the US trade agenda on Friday, ruling that blanket tariffs are illegal and striking down President Trump's most sweeping tariffs.

In a 6-3 decision, the court held that the 1977 International Emergency Powers ACT (IEEPA) does not give Trump the authority to impose taxes without approval from Congress.

This ruling will mean that much of the administration's current tariff agenda will be brought to a halt, especially those tariffs first announced in April last year, on what has come to be known as Trump's "Liberation Day" tariffs.

Today, economists at Penn-Wharton said that over $175 billion in tariff revenue may need to be refunded if the Supreme Court rules against Trump's tariffs.

However, according to SCOTUSblog, the court mentioned nothing about whether the government should go about returning the billions of dollars it made from importers.

Justices Clarence Thomas, Brett Kavanaugh, and Samuel Alito all dissented.

Justice Kavanaugh, in his dissent, said, "The United States may be required to refund billions of dollars to importers who paid the IEEPA tariffs, even though some importers may have already passed on costs to consumers or others."

Jenny McCall

US tariff revenue at risk in SCOTUS ruling tops $175B: Penn-Wharton

Trump meets Novartis CEO, says drugmaker building 11 US plants

Novartis (NVS) CEO Vas Narasimhan met with President Trump at the White House on Wednesday, where the president said the company is set to build 11 plants in the US.

Trump hit Switzerland with 39% tariffs last year, but then agreed to cut the duties to 15% in November. Last month, Novartis said it expected to be protected from tariffs under some agreements with the US and strong domestic manufacturing.

Trump administration slams New York Fed study that says US consumers bear the cost of tariffs

The Trump administration is pushing back on claims from the New York Federal Reserve that US consumers and businesses are bearing the brunt of higher costs due to President Trump's tariffs.

"The paper is an embarrassment," National Economic Council Director Kevin Hassett told CNBC on Wednesday. "I think it's the worst paper I've ever seen in the history of the Federal Reserve System.

However, data from the JPMorgan Chase Institute, released Thursday, also found that tariffs paid by midsize US businesses tripled in 2025.

Yahoo Finance's Jennifer Schonberger reports on the latest news on Trump's tariffs:

Japan, US reach $36B of gas, mineral deals in Trump pact

Japan plans to invest up to $36 billion in US oil, gas, and critical mineral projects, part of Tokyo's $550 billion commitment under the trade agreement it struck with President Trump last year.

“Our MASSIVE Trade Deal with Japan has just launched!” Trump posted on Tuesday on social media. “The scale of these projects are so large, and could not be done without one very special word, TARIFFS.”

Japan's Prime Minister Sanae Takaichi said that the projects will help build more resilient supply chains through partnerships in crucial areas for economic security.

Supreme Court adds next Friday as decision day as tariff verdict looms

The Supreme Court has added next Friday, Feb. 20, as a decision day, the first time in weeks it could potentially issue a verdict on the closely watched case involving President Trump's tariffs.

Next Friday is listed as a non-argument session and conference day on the high court's calendar.

The high court heard arguments on the tariff case in November on an expedited basis, and both liberal- and conservative-leaning justices asked skeptical questions about Trump's authority to impose the tariffs.

The duties at issue are Trump's "Liberation Day" tariffs, in which the president slapped levies ranging from 10% to 50% on imports from virtually all US trading partners. The Trump administration has said a defeat at the Supreme Court would only prompt it to impose the duties via other legal means — though Trump himself has said those processes would be more cumbersome and has implored the court to uphold the tariffs.

Jenny McCall

US, Taiwan finalize deal to cut tariffs, boost purchases of US goods

Trump plays risky game on tariffs as he unwinds metals duties to bolster approval

On Wednesday night, President Trump pressured House Republicans to support his tariffs, even though rising living costs have upset many voters.

While six Republicans voted against his current tariffs on Canadian goods, 210 others remained loyal to Trump. But experts say this could harm them in the upcoming midterm elections, as many voters remain concerned about rising prices.

NY Fed report says Americans pay for almost all of Trump's tariffs

A report from the Federal Reserve Bank of New York argues that Americans are paying for almost all of the additional costs from President Donald Trump's tariffs.

6 Republicans cross party lines to offer a rare rebuke of Trump's tariffs on Canada

President Trump's tariffs faced a rebuke on Wednesday as the US House of Representatives voted to pass a resolution seeking to terminate the national emergency measures Trump used to impose tariffs on Canada. Six Republicans voted with Democrats to scrap Trump's tariffs against the US's neighbor.

Yahoo Finance's Washington Correspondent Ben Werschkul outlines the outcome of yesterday's vote by the US House of Representatives and what it means for Trump's tariffs:

US, Japan zero in on energy and chips for $550B fund

The US and Japan are nearing the completion of the first of three projects that Tokyo agreed to fund as part of its $550 billion investment in the US and tariff agreement.

Bloomberg reports that the three projects include a data center led by SoftBank Group Corp. (9984.T), a deep-sea oil terminal in the Gulf of Mexico, and semiconductors.

According to the report, SoftBank didn’t immediately respond to a request for comment.

US changes India trade deal statement, sparking confusion

Confusion over the trade deal between the US and India emerged on Wednesday after the White House adjusted language around agricultural goods.

In the updated statement, the US has removed a reference to pulses, a staple food in India that includes lentils and chickpeas.

In the old version, the statement says that India will remove tariffs on "certain pulses", whereas in the new version, the word "pulses" has been removed. The old version also says India is "committed to buying more American products," whereas the new statement says "... intends to buy..."

The countries appear to have made other changes to the statement, too.

Bloomberg News reports:

Jenny McCall

Trump’s tariffs face rebuke as Johnson fails to block votes

The US House of Representatives will vote on Wednesday on whether to reject some of President Trump's tariffs. The vote comes months ahead of the midterm elections, at a time when many Americans are concerned about the rising cost of living.

Today's vote will start with a resolution to stop Trump's tariffs on Canada, which currently include a 35% tariff on imported items such as steel, aluminum, and copper, as well as a 25% duty on non-US cars. The United States-Mexico-Canada Agreement (USMCA), the free trade agreement Trump has threatened to scrap, does exempt some of these goods.

The House vote will proceed despite Speaker Mike Johnson's attempt to block it.

Trump has there would be no extra cost to the American people. A report from the nonpartisan Tax Foundation has found that these tariffs will amount to an average tax increase per US household of $1,000 in 2025 and $1,300 in 2026.

US plans Big Tech carve-out from next wave of chip tariffs

The Financial Times reports that the Trump administration is planning to exempt hyperscalers Amazon (AMZN), Google (GOOG), and Microsoft (MSFT) from forthcoming chip tariffs as Big Tech races to build data centers to power artificial intelligence.

Estee Lauder (EL) shares slumped 10% before the bell on Thursday, despite beating analysts' estimates on earnings per share and revenue, but tariff woes caused the beauty group's shares to tumble.

Trump looks to rebuild mineral supply chains for everything from jet engines to phone

The Trump administration will be launching a $12 billion "emergency warehouse" for critical minerals needed to build cars, phones, and jets. The plan will include buying and storing these minerals now. The US hopes this will reduce its and other countries' reliance on China for supplies.

The critical mineral's stockpile news was released on Monday, and Vice President JD Vance plans to deliver a keynote speech on Wednesday at a meeting with the Secretary of State Marco Rubio and other officials from Europe, Asia, and Africa.

US trade chief: India to maintain some agriculture protections in deal with Trump

The Trump administration said on Tuesday that it plans to reduce India's tariffs on American industrial goods to zero from 13.5%, but will allow India to protect its farmers from foreign competition.

The US Trade Representative Jamieson Greer made the statement a day after President Trump agreed to reduce tariffs on New Delhi, claiming India's Prime Minister Narendra Modi agreed to stop purchasing Russian Oil.

Trump hit India with 50% tariffs last year, 25% of which was a penalty for purchasing Russian oil, which Trump claimed was helping to fund the war in Ukraine.

Trump's trade pact with India also includes the dropping of a 25% tariff over Russian oil

President Trump announced Monday that the "reciprocal" tariff rate on goods from India would drop to 18% from 25%, but that announcement underplayed the extent of the tariff reduction in evidence Monday in what the president described as a trade deal between the two nations.

A White House official confirmed that, in addition to the reduction Trump outlined, the White House is also planning to drop a separate tariff of 25% on Indian goods over its Russian oil purchases, which previously amounted to a 50% tariff on Indian goods.

The new total tariff rate of 18% was what Prime Minister Narendra Modi quickly touted in his own social media post after the call with Trump, offering “Big thanks to President Trump on behalf of the 1.4 billion people of India” but not outlining any of the changes on his end, which Trump listed.

Trump said Monday that India had agreed to stop buying Russian oil and also reduce their tariffs and non-tariff barriers against the United States "to ZERO."

Brett LoGiurato

Trump to lower tariffs on India, claims Modi agreed to stop buying Russian oil

President Trump on Monday said the US and India had agreed to a trade deal after he spoke with Indian Prime Minister Narendra Modi.

Trump said the baseline US tariff rate on goods from India would drop to 18% from 25%. The US president also claimed that Modi had "agreed to stop buying Russian Oil." India is also currently facing an additional 25% "secondary" tariff on its purchases of Russian oil.

"Our amazing relationship with India will be even stronger going forward," Trump wrote on Truth Social.

Modi also agreed to buy American products "at a much higher level," Trump said.

The apparent US deal with India comes as US trade partners are clinching long-negotiated deals in a rebuke to the Trump tariff regime. India and the EU announced a trade deal last week that the EU dubbed the "mother of all deals," which came after years of negotiations between the two sides.

Jenny McCall

Trump launches $12B critical mineral stockpile to to stop reliance on China

President Trump is planning to launch a $12 billion minerals stockpile, according to Bloomberg News, in a bid to counter the US's reliance on China for rare earth materials.

The initiative has been dubbed Project Vault and will combine $1.67 billion in private capital with a $10 billion loan from the US Export-Import Bank. It is hoped that this venture will help acquire and store minerals for automakers, tech companies and other manufacturers.

Rare earth materials are key components used in a variety of products, such as smartphones, cars and rechargeable batteries. China has the largest reserve of rare earths and last year restricted exports of the materials due to Trump's tariffs. In November, China lifted the restrictions as part of a one-year trade truce with the US.