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Trump administration news: President ups new global tariffs to 15% as legal battles over refunds loom

 

• Trump doubles down: President Donald Trump says he’ll increase his new global tariffs to 15%. The president is digging in on his trade war after yesterday’s Supreme Court ruling that duties he issued using sweeping emergency authorities were illegal.

• What’s next: The new levies can take effect for a maximum of 150 days, barring congressional approval for an extension. Trump has signaled there will be protracted legal battles over calls to refund companies billions of dollars for the emergency tariffs.

• Ripple effects: Businesses and trade partners face renewed uncertainty. As for average Americans, economists don’t expect the high court’s ruling to be a game-changer for consumer prices.

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