The financial scorecard of President Trump’s tariff war is staggering: more than $130 billion collected, with roughly 90% of that sum paid not by the foreign nations Trump targets, but by American businesses and consumers. On Saturday, Trump announced a new 15% global tariff that promises to expand that domestic burden even further.
The new tariff relies on Section 122 of the Trade Act of 1974, which permits tariffs of up to 15% for 150 days without congressional approval. Trump posted the announcement on Truth Social just hours after the Supreme Court struck down his IEEPA-based tariff authority in a 6-3 ruling, declaring it unconstitutional without legislative backing. The new rate is effective immediately, Trump said, though the timing of official documentation was initially unclear.
American industry groups have been pushing for refunds on the billions already collected. Trump signaled on Friday that any reimbursements would require a lengthy legal battle, effectively shutting the door on swift relief for beleaguered businesses. The new 15% rate, applied on top of any existing sector-specific levies on steel, aluminum, lumber, and autos, deepens the financial strain facing domestic companies.
European leaders called for an end to the economic uncertainty. Germany’s Chancellor Merz described the tariff volatility as poison for transatlantic business confidence and announced a planned trip to Washington with a coordinated EU position. France’s Macron praised the rule of law and called for trade reciprocity rather than unilateral executive action. The UK faces fresh difficulty as its 10% arrangement is effectively superseded.
Exemptions apply to critical minerals, metals, pharmaceuticals, and USMCA-compliant imports from Canada and Mexico. Sector-specific tariffs on steel, aluminum, lumber, and autos remain unaffected by the court ruling. Trump vowed that his administration would use the 150-day window to build court-proof permanent tariff architecture, as the legal and economic battles over US trade policy continue.