Trump Announces Tariff Increase

On Saturday, President Trump declared that he would raise global tariffs from 10% to 15%, effective immediately. This announcement came through a post on Truth Social.

Trump stated, “After months of consideration, and following a comprehensive review of the Supreme Court’s recent tariff rulings, I am declaring that I will implement a 10% increase in global tariffs on nations that have ‘looted’ from the United States for decades, up to a legally allowable 15%.”

He also mentioned that new tariffs within legal boundaries would be determined and issued in the upcoming months.

This announcement followed the Supreme Court’s 6-3 decision to strike down Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA). Trump then imposed a 10% worldwide tariff based on Section 122 of the Trade Act of 1974. John Carney, the economics editor at Breitbart News, noted that prior to Saturday’s announcement, the effective tariff rate was very similar to what it was during the IEEPA tariffs.

According to Carney, “[M] IEEPA’s base effective tariff rate (considering substitution effects) stands at 14.3,” which he shared in a post on X.

He added, “Once we factor in exemptions and other specifics in the Executive Order, we estimate the effective interest rate to be around 12%, slightly lower than the IEEPA rate.”

At a press conference on Friday, Trump criticized the Supreme Court’s decision, particularly noting the dissenting votes from Justices Thomas, Alito, and Kavanaugh, while Chief Justice Roberts and Trump appointees Barrett and Gorsuch sided against the administration.

Trump expressed his disappointment, stating, “The Supreme Court’s ruling on tariffs is very discouraging. I’m embarrassed that some justices lack the courage to do what’s right for our nation.”