Trump signs sweeping order imposing 10% tariffs on all countries

Read also: Trump vs. Supreme Court: President finds loophole for global tariffs

"It is my great honor to have just signed, from the Oval Office, a global 10% tariff on all countries, which will be effective almost immediately," Trump wrote.

According to the US President’s administration, the new duties will come into force on Tuesday, February 24.

"Tariffs will continue to be a critical tool in President Trump’s toolbox for protecting American businesses and workers, reshoring domestic production, lowering costs, and raising wages," the White House said.

The document extends existing exemptions for aerospace products, passenger vehicles, and certain light trucks, goods from Mexico and Canada that comply with those countries' trade agreements with the United States, pharmaceuticals, as well as certain critical minerals and agricultural products.

The new executive orders prohibit the collection of tariffs that the Supreme Court ruled unlawful on February 20. However, Trump's team is not abandoning the idea of global tariffs.

Trump's tariffs

The US Supreme Court ruled that sweeping tariffs imposed by President Donald Trump against most countries around the world were unlawful. In a majority decision, the justices found that the unilateral imposition of tariffs exceeded presidential authority.

Chief Justice John Roberts emphasized that for such actions, the president must have clear authorization from Congress, and that citing the International Emergency Economic Powers Act of the 1970s is insufficient in this context.

Trump called the Supreme Court's decision overturning his tariffs a "disgrace" during a White House breakfast with governors.

According to CNN, the US President said he has a backup plan.