Trump slaps new 10% global tariff, defying Supreme Court ruling
Donald Trump just announced a new 10% global tariff—even though the Supreme Court ruled he exceeded his authority under the International Emergency Economic Powers Act (IEEPA) in imposing the earlier tariffs and said the decision does not bar him from pursuing tariffs under other statutory authorities.
The court said his earlier "Liberation Day" tariffs went too far, but Trump insists all previous tariffs will stay and is now stacking on more.
Tariffs could cost US economy $3 trillion over next decade
This move could cost the US economy up to $3 trillion over the next decade, according to government estimates. It's also likely to trigger lawsuits from states and businesses.
On the flip side, importers might get refunds for billions paid under now-invalid tariffs—like one company that shelled out $4.8 million in just five months.
Trump called the ruling "deeply disappointing" and hinted at foreign influence, but most of the court stood firm against unlimited tariff powers.