The United States Supreme Court ruled on Friday that President Donald Trump could not use national emergency powers to levy tariffs during peacetime.
US President Donald Trump announced a 10% global tariff on Friday following the Supreme Court's ruling striking down his authority to levy tariffs under the International Emergency Economic Powers Act (IEEPA).
Trump was critical of the Supreme Court’s decision, calling the decision “ridiculous” at Friday’s press conference, and said that he will levy the tariffs under different legal methods, including the Trade Expansion Act of 1962 and the Trade Act of 1974. Trump said:
Trump’s tariffs have repeatedly caused severe downturns in markets considered high risk, including crypto and equities, as the threat of tariffs fuels uncertainty and shakes investor confidence.
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