President Donald Trump on Friday signed an executive order that formally ends a range of tariffs that the Supreme Court shot down earlier in the day, and imposed a new 10% global tariff that will be in effect for 150 days.
The Supreme Court ruled in a 6-3 split that Trump could not impose massive tariffs under the International Emergency Economic Powers Act, however the majority opinion did not weigh in on other means to impose the tariffs.
Trump said the new 10% global tariff is being enacted under Section 122 of the 1974 Trade Act, which comes as tariffs imposed under Section 232 and Section 301 remain in place.
"It is my Great Honor to have just signed, from the Oval Office, a Global 10% Tariff on all Countries, which will be effective almost immediately," Trump said in a series of posts on Truth Social. "Those members of the Supreme Court who voted against our very acceptable and proper method of tariffs should be ashamed of themselves.
"Their decision was ridiculous, but now the adjustment process begins, and we will do everything possible to take in even more money than we were taking in before," he added.
The new tariff will take effect just after midnight on Tuesday, Feb. 24.
