President Donald Trump has signed an order imposing an additional 10% tariff on imports from all countries, a move that comes immediately after a major U.S. Supreme Court ruling against his earlier global tariff framework. Multiple outlets reported the new measure as a temporary tariff action tied to Section 122 authority, with a reported 150-day window.
This is not happening in a vacuum. The Supreme Court reportedly ruled 6-3 that Trump could not use the International Emergency Economic Powers Act (IEEPA) to impose sweeping peacetime tariffs the way his administration had been doing. In response, Trump moved quickly to announce a new universal tariff mechanism using a different legal route.
Why this matters is simple: even if the legal basis changed, the market impact may feel familiar.
A flat 10% tariff on imports raises costs across a broad range of goods unless exemptions apply. That can hit importers first, then manufacturers, retailers, and eventually consumers. Some sectors may try to absorb the cost temporarily, but businesses with thin margins usually pass at least part of it through. Reuters and AP both indicate the administration is also exploring other trade-law pathways for additional tariff actions, which means this may be the start of another round of trade volatility, not the end of one.
The legal and policy angle is just as important as the economic one.
The Supreme Court decision appears to have drawn a harder constitutional line around who has authority to impose broad tariffs, reinforcing Congress’s role in taxation and duties. But the new order suggests the administration is shifting from one legal instrument to another instead of stepping back from the tariff strategy itself. That creates a new question for markets: not “Are tariffs over?” but “Which tariff tools will survive court review?”
For businesses, the immediate issue is planning uncertainty.
If the 10% tariff is temporary and lasts up to 150 days, companies will still need to make short-term decisions on pricing, inventory, sourcing, and contracts now. Trade policy volatility often forces firms to either stockpile inventory, renegotiate supplier terms, or delay expansion decisions. Even when tariffs are temporary on paper, the uncertainty can have longer-lasting effects on business confidence and cross-border trade flows. Reuters reported concerns around refunds, prior tariff collections, and continued efforts to preserve tariff revenues, which adds another layer of complexity.
Markets are likely to react in phases.
First comes the headline reaction: risk assets, currencies, and rates may move on fear or relief depending on how traders interpret the legal setback versus the new tariff order. Then comes the second wave: analysts begin modeling sector-specific exposure, inflation effects, and the probability of more legal challenges. AP and Reuters both described a volatile initial response and emphasized that the broader trade agenda is still very much active.
There is also a political layer that cannot be ignored.
Trump’s response frames this as a continuation of his trade agenda despite judicial pushback, which keeps tariffs central to both economic policy and campaign-era political messaging. Supporters may view the new order as proof of policy persistence. Critics will likely argue it deepens legal and economic uncertainty. Either way, trade policy is back at the center of the conversation in a very direct way.
What to watch next:
The biggest near-term questions are whether the new 10% tariff order faces immediate legal challenges, which countries and product categories are exempted in practice, and whether the administration layers additional tariffs through other statutes such as national security or unfair trade probes. Reuters specifically noted the potential use of alternative trade authorities, which means this story could evolve fast over the next few days.
For now, the key takeaway is this: the Supreme Court may have blocked one tariff path, but the White House has already opened another. That keeps trade risk alive for markets, businesses, and consumers.