President Donald Trump has declared “I can do whatever I want” despite today’s Supreme Court ruling and confirmed a new 10 per cent global tariff.This afternoon, the majority of the Trump administration’s tariffs levied on imports coming into the United States were struck down in a six-to-three decision from justices.In response, the President confirmed he will sign an executive order imposing a new 10 per cent global tariff,” hours after the Supreme Court deemed his “reciprocal” import duties illegal.It is understood the new tariffs will be added onto the existing levies that remain in place after the high court’s decision for about five months.These new duties will be invoked under Section 122 of the Trade Act of 1974, but can only last around 150 days , with any extension requiring congressional approval.Asked at the press briefing about that time limit, Trump said, “We have the right to do pretty much what we want to do.”The White House had invoked the International Emergency Economic Powers Act (IEEPA) to impose these “reciprocal tariffs”, however, the majority of judges determined this move exceeded his authority.In reaction to the Court’s ruling, President Trump described the decision as a “disgrace” and said he was “ashamed” at the justices who ruled against the administration.LATEST DEVELOPMENTSFtse 100, S&P 500 and Nasdaq SKYROCKET as stock market rallies after Donald Trump tariff decisionDonald Trump tariffs declared illegal by US Supreme CourtRachel Reeves rakes in billions more than expected on capital gains tax to hit record budget surplusSpeaking to the press, President Trump took aim at how the Court interpreted the law under IEAA and confirmed a new 10 per cent tariff would be levied globally.He said: “I can do anything I want, but I can’t charge $1 because that’s not what it says, and that’s not the way it even reads. I can do anything I want to do to them, but I can’t charge any money.”The President floated alternative ways he can use to impose tariffs on imports coming from other countries, such as cutting all trade or embargoing certain nations.”In other words, I can destroy the trade, I can destroy the country. But I can’t give them a little fee,” he added.Carsten Brzeski and Julian Geib, analysts for ING, warned: “Europe should not be mistaken, this ruling will not bring relief. Instead, Section 301 and 232 investigations can target specific sectors more precisely than IEEPA’s broad-brush approach.”This refers to alternative means through which the President can impose certain tariffs, particularly those targeting specific products, but that require potentially lengthy investigations into the issues first.The pair added: “Pharmaceuticals, chemicals, and automotive components are all plausible candidates for the next round. The legal authority may be different, but the economic impact could be identical or worse.”They added that the President’s tariff agenda was “here to stay” but with “new legal foundations and a messy transition period”.
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