US President Donald Trump has announced an increase in the global tariff from 10% to 15%. Earlier, on Friday, US Supreme Court had struck down the tariffs imposed by Trump on countries worldwide. As a result of this ruling, the 18% reciprocal tariff imposed on India has also now been declared illegal. Trump had originally invoked the IEEPA law in April 2025, citing national security, to impose tariffs on nearly 100 countries. The Supreme Court, in a 6-3 majority, ruled that Trump did not have the authority to use the IEEPA law. This power belongs not to the President, but solely to Congress. Three hours after the court’s decision, Trump addressed a press conference, during which he announced new tariffs on countries worldwide under a new law (Section 122). 15% tariff to take effect from 24 February Trump has signed an order imposing a 15% tariff on countries worldwide, which will come into effect from 24 February. He also criticised judges who called the tariff illegal, saying, “I am ashamed of some judges in the court. They are a disgrace to the country and lack the courage to do the right thing for our nation.” On the trade deal with India, Trump said there will be no changes, adding, “PM Modi is a good friend of mine.” 5 key takeaways from Trump’s press conference Nixon imposed 10% global tariff 55 years ago In 1971, the US faced a severe imbalance in trade and payments with the rest of the world. The country was importing far more than it was exporting, putting pressure on the dollar. To address this, President Nixon imposed a 10% global tariff on imports. This move highlighted the need for legal powers to handle such economic emergencies. As a result, the Trade Act of 1974 was passed, giving the president specific authority to act. According to The New York Times, Section 122 of the Act has never been used before, so it’s unclear how courts would interpret it if challenged. US collected $200 billion in tariffs, refund uncertain According to a report by The New York Times, the Trump administration has collected over $200 billion in tariffs since early last year. After a Supreme Court ruling, it is now unclear whether the government will have to refund this money to companies. Earlier, the administration had warned that losing the case could require renegotiating trade deals with several countries and paying large refunds. Post navigation NHAI mulls no cast-payment on toll plazas from April 1:Payment may be only through FASTag or UPI
