Global markets and business communities were bracing Saturday for a fresh wave of economic uncertainty after President Trump announced a 15% universal tariff on all imports, escalating his trade war just one day after the Supreme Court invalidated his previous tariff mechanism and ignited a new round of legal and diplomatic turbulence.
The new tariff was announced on Truth Social and relies on Section 122 of the Trade Act of 1974, which allows tariffs of up to 15% for 150 days without congressional approval. Trump called the rate effective immediately and legally sound. His administration plans to develop permanent, court-proof tariff measures during the 150-day window, while exemptions apply to critical minerals, metals, pharmaceuticals, and USMCA-compliant goods.
American businesses have already been hit hard by existing tariffs, with studies showing that roughly 90% of the $130 billion collected under the IEEPA framework has been absorbed by US companies and consumers rather than foreign exporters. Industry groups have been pushing for refunds, but Trump indicated those would require a protracted legal fight — a response that did little to reassure business leaders already facing rising input costs.
The announcement came with an equally dramatic political subplot. Trump called the Supreme Court’s 6-3 ruling “ridiculous” and “anti-American,” attacked majority justices in blunt personal terms, and accused his own nominees Barrett and Gorsuch of lacking patriotism and courage. He praised dissenters Kavanaugh, Thomas, and Alito as the only justices who understood what the country truly needed.
European leaders urged a return to economic stability. Germany’s Chancellor Merz described the ongoing tariff uncertainty as economic poison and announced a planned trip to Washington with a unified European position. France’s Macron defended the value of judicial oversight and the principle of reciprocal trade. The UK faces fresh difficulty after its 10% tariff arrangement was effectively superseded.