President Donald Trump has recently declared a new 10% import tariff on all goods entering the United States from other countries. According to the White House, this tariff will come into effect on February 24 at midnight, which corresponds to 7 a.m. Finnish time. This tariff will remain in place for a duration of 150 days, marking a significant policy shift on trade in the current administration.

The announcement comes in the wake of a ruling from the U.S. Supreme Court, which decided that wide-ranging tariffs imposed by Trump last year were illegal. The court emphasized that the president does not possess the authority to impose tariffs under such circumstances and deemed them as taxes, which fall under the jurisdiction of Congress. This ruling poses a challenge for Trump's trade policy, as he was previously utilizing the 1977 economic emergency law to impose these tariffs.

In response to the court's decision, Trump indicated he would seek alternative legal avenues to implement tariffs. His legal experts are tasked with exploring potential provisions that would allow for the imposition of tariffs, though reports from The Wall Street Journal suggest these alternatives may not permit tariffs as substantial as those that could be enacted under the economic emergency law. This development indicates ongoing tensions in U.S. trade policy and highlights the complexity of the legal framework governing tariffs, potentially impacting international trade relations further.