President Donald Trump said on Saturday that he will increase the global tariffs he imposed a day earlier to 15% from 10% following an adverse ruling at the Supreme Court.
The court on Friday ruled that Trump exceeded his authority with the way he imposed tariffs on trading partners using the International Emergency Economic Powers Act (IEEPA), a law from 1977 reserved for national emergencies.
Trump said in a Truth Social post that “effective immediately,” he would be “raising the 10% Worldwide Tariff on Countries … to the fully allowed, and legally tested, 15% level.” He added that the administration will determine and issue the