The Supreme Court delivered a significant blow to President Donald Trump's trade policy Friday, striking down his most sweeping tariffs that were implemented under the 1977 International Emergency Economic Powers Act. The ruling eliminates tariffs that Trump had justified primarily to address America's persistent trade deficits.

In response to the court decision, Trump immediately announced plans to implement new 10% tariffs on imports from other countries, later increasing that figure to 15%. The administration is now relying on Section 122 of the Trade Act of 1974, which allows the president to impose tariffs of up to 15% for up to 150 days, though any extension beyond that period requires congressional approval.

Treasury Secretary Scott Bessent said in a Fox News interview Sunday that "tariff revenues will be unchanged this year and will be unchanged in the future." U.S. Trade Representative Jamieson Greer announced the administration was launching a series of Section 301 investigations, which could provide another avenue for implementing trade restrictions against countries accused of unfair trade practices.

The Supreme Court's decision creates uncertainty about existing trade agreements that Trump negotiated using the threat of the now-invalidated tariffs as leverage. The European Union has delayed ratification of its trade deal with the United States pending clarification on how the new tariff structure will affect previously agreed-upon terms.

The ruling also raises questions about refunds for the estimated $133 billion collected through the struck-down tariffs. The court left the complex refund process to lower courts and the Customs and Border Protection agency, with hundreds of companies already seeking to recover payments. Trade lawyers expect the refund process could take months or years to complete.

Despite the legal setback, trade analysts expect most U.S. trading partners to honor their existing agreements with the Trump administration, partly due to concerns about potential retaliation through Section 301 tariffs, which face fewer legal constraints than the invalidated measures.