President Donald Trump says he's imposing a temporary global tariff of 10% after his far-reaching tariff regimen was struck down by the Supreme Court.

Conversation around tariffs has surged after the U.S. Supreme Court recently struck down the broad global tariffs that President Trump had imposed under emergency powers, ruling they were unconstitutional because only Congress can levy taxes like tariffs.

The S&P 500's expensive valuation could lead to a steep decline in stock prices, especially if tariffs become a material economic headwind.

Trump discussed the tariffs in a series of posts on his social media platform, Truth Social. One update announced the official orders of the tariffs, stating that the decision was made to “protect” Americans “because of the major threat of illegal aliens and deadly drugs killing our Citizens, including fentanyl.”

President Trump is increasing his global tariff to 15%. That's up from the 10% rate that he initially announced after the Supreme Court's pivotal ruling on Friday. The 6 to 3 decision found that the president illegally used an emergency law to impose sweeping tariffs on his own when he should have gone through Congress,

Donald Trump’s had his fun with tariffs and now it’s payback time. As in: it’s literally time to pay it back. The Supreme Court decision against Trump’s bogusly named emergency duties — as issued under the International Emergency Economic Powers Act — has put his trade policy in disarray.

Other lawsuits by corporations such as Costco and Revlon were already in process ahead of the Supreme Court ruling. How such refund claims would be processed are uncertain.

With the latest supreme court ruling exposing the president’s tariff plans as unlawful, US politicians and the American people have found them to be unworkable. Where does Trump go from here?