On Saturday, US President Donald Trump announced an immediate increase in global tariffs imposed on a number of countries from 10% to 15%.
The United States experienced significant economic turmoil on Friday following the Supreme Court's decision to overturn tariffs imposed by Trump on several countries last April. The ruling had an immediate impact on markets, including stocks, bonds, and metals, amid uncertainty regarding how the revenue collected from those tariffs would be reimbursed.
In a post on his platform “Truth Social,” Trump explained that the decision to raise the new tariffs came in response to the Supreme Court ruling regarding the legality of some previous tariffs.