U.S. President Donald Trump responded with fury to Friday’s Supreme Court ruling that he \u200blacked the power to unilaterally set tariffs on imports, denouncing individual justices as he vowed to continue a global trade war that has kept the \u200bworld on edge for a year. Saying he was undeterred by what he repeatedly \u2060called a ridiculous ruling, Trump announced an immediate new 10% tariff on imports from all countries, on top of any existing tariffs, and then issued a proclamation putting them into effect. The law allows him to impose \u200ba levy of up to 15% for \u200c150 days, although it could face legal challenges. The court’s landmark 6-3 ruling upended the leverage Trump and his trade envoys have wielded over foreign governments at negotiating tables to reshape diplomatic relations and global markets. The ruling briefly sent U.S. stock indexes surging, before ending modestly higher as analysts warned of renewed confusion in global \u200bmarkets while they await Trump’s next moves. Hours after the r
uling, Trump signed an executive order repealing the tariffs that the court struck down, and he also issued a proclamation imposing a 10% duty on most goods imported into the U.S. for 150 days, granting exemptions for certain items including critical minerals, metals and energy products, the White House said. TRADE DEALS, REVENUE \u200cIN QUESTION The ruling called into question the trade \u200cdeals Trump’s envoys have negotiated in recent \u200bmonths under the threat of high tariffs. It left open the fate of the $175 billion Trump has collected from U.S. importers under what the court said was his incorrect reading of the law. “I’m ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what’s right for our country,” Trump told reporters at the White House, complaining that foreign countries were ecstatic and “dancing in the street.” He insinuated, without evidence, that the majority of the court caved to foreign \u200binfluence: “Th
ey’re very unpatriotic and disloyal to our Constitution. It’s my opinion that the court has been swayed by foreign interests and a political movement that is far smaller than people would ever think.” Since returning to the White House 13 months ago, Trump has said he had what the court summarized as the “extraordinary power to unilaterally impose tariffs of unlimited amount, duration, and scope.” Citing a national emergency, he said \u200bthe International Emergency Economic Powers Act (IEEPA) meant he could set tariffs at any rate he chose. The court grounded its opinion, which was written by Chief Justice John Roberts, with a quote from the U.S. Constitution: \u201cThe Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises.\u201d The argument by the Trump administration that it had identified a war-like emergency to justify a loophole failed to persuade the court. “The Government thus concedes, as it must, that the President enjoys no inherent authority
to impose tariffs during peacetime,” Roberts wrote. “And it does not defend the challenged tariffs as an exercise of \u200cthe President\u2019s warmaking powers. The United States, after all, is not at war with every nation in the world.” Despite the court’s bluntness in ruling the president had exceeded his authority, Trump told reporters: “It’s ridiculous, but it’s OK, because we have other ways, numerous other ways.” ECONOMIC UNCERTAINTY RISES After a year of Trump’s often ad hoc tariff announcements whipsawing markets and the global \u2060economy, the ruling and Trump’s response reintroduced a hefty \u200bdose of uncertainty that economists, investors and policymakers had hoped was in the rearview mirror. “I think it will just bring in a new period of high uncertainty in world trade, as everybody tries to figure out what the U.S. tariff policy will be going forward,” said Varg Folkman, analyst at the European Policy Centre think tank. U.S. Treasury Secre<\/p>\n","protected":false},"excerpt":{"rendered":"
U.S. President Donald Trump responded with fury to Friday’s Supreme Court ruling that he \u200blacked the power to unilaterally set tariffs on imports, denouncing individual justices as he vowed to continue a global trade war that has kept the \u200bworld on edge for a year. Saying he was undeterred by what he repeatedly \u2060called a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-36813","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n