If the Supreme Court had opted to uphold tariffs issued under IEPPA, the nation's effective tariff rate would have remained at 16%, the Yale Budget Lab said. Taking into account Section 122 tariffs, the effective tariff rate now stands at 13.7%, the group said.

Trump promised a flurry of new measures but he faces legal limitations.

Following a Supreme Court decision striking down his tariffs, President Trump announced new global tariffs under a never-used before provision in a 1974 trade law. Hamline law professor David Schultz weighed in on the developments.

While the SCOTUS Ruling on Tariffs could trigger up to $175 billion in refunds, the consensus is that most retailers will not see these refunds anytime soon.

Trump's new 10% global tariff will make everyday prices, from groceries to cars, more expensive. Here's why it will impact your bank account. (AP Photo)

The tariffs began taking effect at midnight on Tuesday, shortly after collections under the International Emergency Economic Powers Act were halted following the Supreme Court ruling.

FedEx has a special delivery for the nation’s capital. The Mid-South’s largest employer is suing the federal government over tariffs.

Donald Trump signed executive orders late on Friday to impose new tariffs starting on Tuesday under Section 122 of the Trade Act of 1974.

Even as Trump doubled down on his tariff-first trade strategy, developments following the court ruling have unexpectedly tilted the balance in favour of India.

John Fetterman explained he sees obvious negatives to Trump's tariffs after Fox's Aishah Hasnie noted he said the economic strategy turned out "pretty well."