Context:

Amid a Supreme Court ruling striking down his global tariffs, a rapid shift pushes Trump to raise the worldwide tariff from 10% to 15%. The move, announced after a brief review, aims to sustain leverage over imported goods despite legal setbacks, sparking bipartisan criticism and market jitters. The decision heightens uncertainty for consumers about potential refunds, while the administration touts a perceived legal footing and signals further executive action. The episode frames an ongoing battle over tariff policy, constitutional limits, and the next steps in congressional reform or countermeasures.

Dive Deeper:

• Friday: an executive order imposes a 10% global tariff under section 122 of the Trade Act of 1974, set to last 150 days unless extended by Congress.

• Saturday: following the Supreme Court's ruling invalidating the tariffs, Trump announces an immediate increase to 15%, framing it as a legally tested remedy after a lengthy review.

• Reaction to the ruling was swift across the political spectrum, with Senate Democrats and House Ways and Means Committee members criticizing the move as economically harmful.

• The Supreme Court decision, which upheld the view that three conservative justices aligned with liberal members, heightened questions about how much the government should reimburse importers for past payments.

• Trump used Truth Social to praise certain justices and to claim renewed resolve to 'MAKE AMERICA GREAT AGAIN,' intensifying rhetoric around tariff policy.

• Experts and commentators noted potential spillovers into global markets, given the president's unpredictable tariff threats and the broader debates over the law and remedies.

• Justice Kavanaugh, in a dissent, suggested that refunds of billions to importers would have significant Treasury consequences, leaving open the question of reimbursement without a court ruling on specifics.