Summary
President Donald Trump has increased tariff threats after a Supreme Court decision ruled his previous global tariffs were unlawful. He announced new temporary tariffs on countries that he believes are taking advantage of the U.S. The uncertainty surrounding these tariffs is affecting U.S. markets and stalling international trade deals.
Key Facts
- President Trump is imposing new temporary tariffs following a Supreme Court decision against his previous tariffs.
- Trump stated on social media that he doesn't need Congress's approval for these tariffs, citing existing laws.
- The new tariffs can reach up to 15% under a section of the 1974 Trade Act, lasting for 150 days unless Congress extends them.
- A poll indicates that 64% of Americans disapprove of Trump's handling of tariffs.
- The announcement led to market instability, with major stock indices like the Nasdaq, S&P 500, and Dow Jones falling.
- European Parliament postponed a trade deal vote with the U.S., partly due to concerns over the new tariffs and past tensions.
- Gold prices rose due to increased economic uncertainty fueled by the tariff announcements.
