(23 February 2026 – United States) US President Trump has imposed a universal blanket 15 percent tariff on US imports after his government’s “reciprocal tariffs” were ruled illegal by the US Supreme Court.
The President’s knee jerk response was announced shortly after announcing a ten percent global tariff immediately following the court’s decision. The policy shift represents an interim tariff measure and requires Congressional approval within five months but can then be extended.
President Trump’s temporary tariffs have been imposed under Section 122 of the Trade Act of 1974 citing a “balance-of-payments” crisis noting Trump’s latest tariff measures could also be challenged in court.
“With Republicans having only slim majority, the omens are not good. It will only require a few Congressional members to find their backbone in the same way that a majority of Supreme Court judges have done” stated Betashares Chief Economist, David Bassanese.
“US Presidents simply don’t have the legal power to wield tariffs as a weapon of global coercion in the way Trump desires. The only question is whether the Supreme Court would be cowered into letting Trump get his way. It was not. Trading partners may now feel more emboldened to threaten retaliation and the ruling has effectively dealt a body blow to Trump’s tariff strategy” Bassanese added.
Bitcoin fell more than five percent below US$65,000 following a dramatic crash earlier this month after US President Donald Trump announced plans to raise global tariffs, negatively impacting risk sentiment.
“I, as President of the United States of America, will be, effective immediately, raising the ten percent Worldwide Tariff on Countries, many of which have been ‘ripping’ the US off for decades, without retribution until I came along!, to the fully allowed, and legally tested, 15 percent level. During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinary successful progress of Making America Great Again – GREATER THAN EVER BEFORE!!! The Supreme Court decision is ridiculous, poorly written, and extraordinarily anti-American ” President Trump commented on Trust Social.
“Despite the ruling, US importers continue to incur earlier tariffs as the US Customs Department has not yet updated its Cargo System Management System Service. The confusion for exporters to the US is set to continue for months and possibly years ahead” stated FinanceAsia Editor, Andrew Tjaardstra.