Last mentioned: 5h ago
Statutory Deadline
150-day limit for Section 122 tariffs expires unless extended by Congress.
Geneva Summit
Scheduled meeting between Abbas Araghchi and Steve Witkoff to discuss the nuclear draft.
Legislative Vote
Scheduled European Parliament vote on the trade deal faces potential postponement.
EU Response
European Commission demands clarity and warns of market disruption.
Effective Date
Tariffs expected to take effect 'almost immediately' for all incoming imports.
Tariff Hike
Trump announces a temporary 15% global import duty despite the court ruling.
SCOTUS Ruling & Tariff Pivot
Supreme Court strikes down IEEPA tariff use; Trump announces 15% global tariff.
Tariff Announcement
Trump announces 10% global tariff on Truth Social and signs order in the Oval Office.
Supreme Court Ruling
SCOTUS rules that the use of IEEPA for broad tariff campaigns is illegal.
SCOTUS Ruling
US Supreme Court rules 6-3 that IEEPA-based tariffs overstepped executive authority.
Draft Proposal Initiated
Iran begins drafting a new nuclear proposal following preliminary talks.
Joint Statement
EU and US reach a trade agreement capping tariffs at 15%.
The U.S. Supreme Court has struck down the executive branch's use of emergency laws to impose broad tariffs, forcing a pivot to a new 15% global tariff framework. Simultaneously, the U.S. is engaging in high-stakes diplomacy with Iran in Geneva, backed by a massive military buildup, to secure a new nuclear agreement.
The European Commission is demanding clarity from Washington after President Trump imposed a 15% global tariff hike immediately following a Supreme Court ruling that curtailed his trade powers. The move threatens a fragile year-old trade agreement and has prompted the European Parliament to consider freezing legislative work on the deal.
US Trade Representative Jamieson Greer has confirmed that bilateral trade agreements remain legally binding despite a recent Supreme Court ruling against the administration's tariff authority. The statement aims to provide market certainty and prevent the unraveling of complex international trade frameworks.
President Trump has signed an executive order imposing a 10% global tariff on all imports, leveraging Section 122 of the Trade Act of 1974. This move follows a 6-3 Supreme Court ruling that invalidated previous tariffs enacted under emergency powers, forcing a strategic shift in the administration's trade enforcement mechanism.