Last mentioned: 8h ago
Implementation Date
The new global tariffs are scheduled to go into effect for all US imports.
Tariff Escalation
Trump announces on Truth Social that the rate will be increased to the 15% legal maximum.
SCOTUS Ruling
The Supreme Court strikes down global tariffs in a 6-3 decision, citing lack of executive authority.
Market Record
The European Stoxx 600 index hits a record high as trade tensions momentarily ease.
Executive Response
President Trump lashes out at the court and announces a new 10% Section 122 tariff.
Supreme Court Ruling
The high court strikes down IEEPA-based tariffs in a 6-3 decision, citing executive overreach.
Initial Pivot
Trump signs a proclamation for a 10% temporary tariff under Section 122 of the 1974 Trade Act.
Following a Supreme Court ruling that struck down previous import taxes, President Trump has pivoted to a rarely used trade law to impose a 15% global tariff. This temporary measure, effective February 24, creates immediate cost pressures for global supply chains and sets a five-month countdown for Congressional intervention.
The US Supreme Court has invalidated the Trump administration's sweeping global tariffs in a landmark 6-3 ruling, citing executive overreach. While markets rallied to record highs on the news, President Trump immediately announced a new 10% 'Section 122' tariff to maintain his trade agenda.