This afternoon at a White House press conference, President Trump announced that he will impose a 10% global tariff under Section 122 following the U.S. Supreme Court’s ruling earlier today that invalidated the administration’s use of IEEPA tariffs.

He also confirmed that the existing Section 232 and Section 301 tariffs will remain in effect.

For those unfamiliar with Section 122, it allows levy up to 15% ad valorem, with 10% imposed. This will last 150 days and then Congress will need to vote on it.

At the moment nothing official has been signed, but Shapiro will continue to monitor the situation and will provide updates as they become available.