Trump Says He Will Increase Global Tariffs to 15% From 10%

Article content(Bloomberg) — President Donald Trump said he will increase the global 10% tariff he announced one day ago to 15% as he lashed out at the US Supreme Court over its ruling that his mechanism for applying tariffs was illegal.Sign In or Create an AccountEmail AddressContinueor View more offersArticle content“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” Trump said in a social-media post on Saturday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentHours after the court’s ruling on Friday, Trump imposed a 10% global tariff on foreign goods, moving to preserve his trade agenda.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentTrump is applying the new baseline tariff under Section 122 of the 1974 Trade Act, which allows the president to impose tariffs for 150 days without congressional approval. Securing that approval could prove challenging, as Democrats and some Republicans have opposed elements of his trade policy.Article contentThe initial 10% tariffs Trump announced on Friday were scheduled to go into effect on Feb. 24 at 12:01 a.m. Washington time, according to a White House fact sheet. He is set to deliver the State of the Union address to Congress that evening in Washington. Trump’s post on Saturday didn’t go into details on timing on the increased tariffs.Article contentThe Supreme Court ruled 6–3 Friday that Trump had acted unlawfully in using a longstanding federal emergency powers statute to justify his “reciprocal” tariffs. Last April, he relied on the International Emergency Economic Powers Act to levy duties ranging from 10% to 50% on dozens of US trading partners.Article contentThe White House and US Trade Representative’s office didn’t immediately respond to requests for comment.Article contentArticle contentTrump said Friday he would maintain a flat 10% tariff while keeping in place existing duties imposed under Sections 301 and 232, and ordered the US trade representative to launch new Section 301 investigations on an accelerated timeline.Article contentThose probes require country-specific inquiries and findings of trade violations before tariffs can be imposed, and could eventually replace the baseline rate. He is also weighing tariffs of 15% to 30% on foreign cars, while preserving exemptions for goods and certain agricultural products under a trade agreement among the US, Mexico and Canada.Article contentTrump Tariffs Down to Lowest Since April 2O25: EconomicsArticle content“We expect these investigations to cover most major trading partners and to address areas of concern such as industrial excess capacity, forced labor, pharmaceutical pricing practices, discrimination against US technology companies and digital goods and services, digital services taxes, ocean pollution and practices related to the trade in seafood, rice, and other products,” US Trade Representative Jamieson Greer said in a statement Friday.Trending Posthaste: U.S. tariffs against Canada keep falling, but is that just the quiet before the CUSMA storm? News These are the TSX stocks that could be winners from Mark Carney's defence industrial strategy Investor Cuba-Bound Tanker Carrying Russian Fuels to Test Trump Blockade PMN Business What you need to know about filing to the CRA this year as tax season looms Personal Finance The U.S. Supreme Court ruled against Trump's tariffs. But will Canadian companies get their money back? Economy Article contentThe Supreme Court decision raises fresh questions about revenue that already has been collected on tariffs. More than 1,500 companies had filed tariff lawsuits in trade court in preparation for the ruling, according to a Bloomberg analysis.Article contentThe court ruling didn’t address whether importers are entitled to refunds, leaving the matter to lower courts — a potential exposure of up to $170 billion, or more than half the revenue raised by Trump’s tariffs. Trump criticized the justices for not offering guidance, but Treasury Secretary Scott Bessent said tariff revenue is expected to remain “virtually unchanged” in 2026 despite the ruling.Article content—With assistance from Catherine Lucey.Article content(Adds more details, context beginning in eighth paragraph.)Article contentShare this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: U.S. tariffs against Canada keep falling, but is that just the quiet before the CUSMA storm? News These are the TSX stocks that could be winners from Mark Carney's defence industrial strategy Investor Cuba-Bound Tanker Carrying Russian Fuels to Test Trump Blockade PMN Business What you need to know about filing to the CRA this year as tax season looms Personal Finance The U.S. Supreme Court ruled against Trump's tariffs. But will Canadian companies get their money back? Economy