Trump raises US global tariff rate, calls Supreme Court ruling 'ridiculous'
Donald Trump just announced a jump in the US global tariff rate from 10% to 15%, starting right away.
He made the call on Truth Social, calling a recent Supreme Court ruling that limited his power to set tariffs "ridiculous."
Trump's sidestep
The Supreme Court ruled that Trump couldn't use emergency powers for broad tariffs, but he found another legal route—to hike tariffs up to the max allowed.
By raising it straight to 15%, he's sidestepped the court's decision and put new costs on most imports coming into the US.
India's Ministry of Commerce is now looking into the situation
India's Ministry of Commerce is now looking into what this could mean for India, since these higher tariffs would apply to most imports into the United States from around the world.
The move has sparked fresh worries about how it might shake up global trade and prices.