Economic Buzz: US Supreme court rejects sweeping Trump tariffs, President imposes 10% tariff on all countries

The US Supreme Court has struck down most of the mega global tariffs imposed by the US on its trading partners. The nation's highest court ruled in a 6-3 decision that the International Emergency Economic Powers Act, or IEEPA, does not authorize the president to impose tariffs. However, the US President Donald Trump immediately signed an executive order imposing a 10% tariff on imports from all countries, which will kick in from February 24.

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