Trump announces new global tariff after Supreme Court ruling

The U.S. Supreme Court issued a ruling that struck down a major part of President Donald Trump's trade policy, dealing a significant blow to his economic agenda. In response, Trump announced he would enact a new 10% tariff on global imports by executive order, effectively trying to circumvent the court's decision.

Experts warn that refunds for tariffs collected under the now-overturned policy could take years to process. Following the court's action and Trump's announcement, U.S. stock markets rose.