FX.co ★ Supreme Court curbs Trump’s power to raise trade tariffs

President Donald Trump criticized the US Supreme Court’s decision to curb his tariff powers, calling the ruling regrettable, and said he intends to continue pursuing his tariff program without seeking additional approval from Congress.

Speaking in an address on the state of the nation, the president described trade levies as a central driver of economic strength. "The tariffs will remain in place under fully approved and tested alternative legal statutes, leading to a solution that will be even stronger than before," President Trump said. Existing trade agreements with major global economies remain intact, he added, arguing that new terms would be far worse for partners.

Mr. Trump has proposed using collected duties to pay dividends to the public as a partial replacement for the current personal income tax system. The Supreme Court earlier ruled that the president exceeded his authority by imposing duties under the International Emergency Economic Powers Act. In response, the administration activated other available legal mechanisms.

On Tuesday, new global tariffs took effect at a 10% rate, below the 15% level initially announced by the president. The executive branch’s scope to raise the levies further is now constrained, as any increase will require direct approval from Congress.