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First modification: 02/24/2026 - 04:20
United States President Donald Trump's response to the Supreme Court ruling that annulled their reciprocal tariffs was to threaten another tariff: a universal 15%. The announcement unleashed a new wave of uncertainty in global markets, depressing stocks, boosting gold and unnerving its trading partners.
Donald Trump's most recent tariff announcement brought down markets, encouraged safe-haven assets and left more than one government wondering what the immediate future of its trade relationship with the United States will be.
Last Friday, the Supreme Court declared illegal the current Republican administration's reciprocal tariffs, which range between 10% and 50%, imposed under the International Emergency Economic Powers Act (IEEPA).
The president had already said that he would use alternative tools to address his trade concerns if these tariffs were lifted. In effect, he threatened to use a legal tool that allows him to impose a global 15% tariff, although only for a time.
After months of trade negotiations between Washington and its partners, many of them agreed to make million-dollar concessions, mainly through investments in US soil and purchases of products from the North American country.
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However, the new scenario left more questions than answers.
What is known about the 15% tariff
The Supreme Court decision only affected Trump's so-called reciprocal tariffs and fentanyl, so broad tariffs imposed under other laws remain in place.
The 15% universal tariff will go into effect first thing on Tuesday, February 24, and was ordered in light of section 122 of the Trade Act of 1974, which allows it to be used for a maximum of 150 days. After that period, Congress must intervene.
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In any case, the decision reorganizes the list of victims and, above all, deepens the uncertainty.
President Trump also threatened countries that “play along” with the Supreme Court with even higher taxes.
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Read alsoUS Customs announces it will stop collecting tariffs on Tuesday; Trump threatens to raise them again
What is not known about the 15% tariff
The United States Government has reached framework trade agreements with at least a dozen countries, almost all of them Asian, and has signed pacts with seven more, according to the Council on Foreign Relations.
However, these partners have asked for clarity, as it is not clear if the new tariff replaces those agreements and they will have to submit to the announced 15% tariff.
If so, the negotiated tariff exemptions could disappear. And China and India would in principle gain, while countries like Singapore and Australia would face tax increases.
The European Parliament decided on Monday to postpone for the second time the vote on the trade agreement that the bloc had signed with the United States, arguing that it is unknown what will happen after the 150 days granted by law.
It is also not known what will happen with any refunds. It is estimated that the United States has raised at least $170 billion under the now illegal emergency law, and dozens of companies have requested a refund of what they overpaid.
Niclas Frederic Poitiers, Researcher at the analysis firm Bruegel in Brussels, explained that "the Supreme Court has ruled that the tariffs were illegal, but has not yet decided whether the US Treasury should reimburse them. This has been referred to lower courts, but we can expect them to decide."
He added that “this does not necessarily have big implications for businesses, as importers pay the taxes and therefore they will also be the ones potentially receiving refunds.”
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The most recent lawsuit was filed by the global transportation company FedEx, which asked this Monday the United States Court of International Trade to rule in favor of the refund of emergency tariffs paid since April of last year.
Crowell & Washington, D.C.-based Moring is not just representing FedEx in the lawsuit. Also to the discount store chain Costco, the cosmetics firm Revlon, the glasses store EssilorLuxottica - parent of RayBan - and other companies in similar cases.
With Reuters, EFE and AP
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