Trump to hike global tariffs to 15% from 10%, ‘effective immediately’

President Donald Trump on Saturday said he would increase global tariffs to 15% from 10%, one day after the Supreme Court struck down a broad swath of the president’s trade agenda.

In a Truth Social post, Trump said the new tariffs will be “effective immediately.” He also warned that additional levies would follow.

“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,” he wrote.

“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs,” he added.

Trump’s announcement claimed that the new tariffs will take effect without delay, but it is unclear if any official documents have been signed detailing the timing. A White House fact sheet issued Friday said the original 10% tariffs would go into effect on Tuesday, Feb. 24, at 12:01 a.m. ET.

The White House did not immediately respond to a CNBC request for clarification.

Trump, who is scheduled to deliver his State of the Union address to Congress on Tuesday, was dealt a blow Friday when the Supreme Court decided in a 6-3 tariff ruling that the president wrongfully invoked the International Emergency Economic Powers Act (IEEPA) to implement his levies.

On Friday, Trump responded hours after the ruling with a 10% global tariff that he invoked under Section 122 of the Trade Act of 1974. The statute allows the president to impose temporary levies for 150 days. Any extension requires congressional approval.

The president was scathing in his remarks against the Supreme Court decision, calling the ruling “ridiculous, poorly written, and extraordinarily anti-American” in a social media post.

He also attacked Justices Neil Gorsuch and Amy Coney Barrett after they voted with the majority in the ruling.

Congressional Democrats rejoiced following the decision, with Senate Minority Leader Chuck Schumer, D-N.Y., saying in a statement that the tariffs were “chaotic and illegal.” Tariffs and the broader economy are expected to be key issues for the Democrats on the campaign trail for this year’s midterm elections in November.

Republicans were more divided on the issue. Some slammed the Supreme Court for its decision, while others argued that Congress has the constitutional authority to implement levies.

On Friday, stocks rallied initially following the Supreme Court decision, before pulling back and then recovering again. Investors expect the ruling could allay tensions between the U.S. and its trading partners, and possibly refund affected companies and reduce inflation.

How the U.S. government will proceed with refunds remains a question. By one estimate, the U.S. government could owe more than $175 billion in refunds to importers following the Supreme Court decision.