US President Donald Trump has signed a new executive order imposing a 10% tariff on imports from all countries, hours after the US Supreme Court struck down his earlier use of emergency powers to enforce sweeping global tariffs. The new duty will take effect on February 24 at 10:31 am IST.

Announcing the move on Truth Social, Trump wrote, “It is my Great Honor to have just signed, from the Oval Office, a Global 10% Tariff on all Countries, which will be effective almost immediately.”

The White House said in a fact sheet that the United States will continue to honour its legally binding reciprocal trade agreements and expects its trading partners to show the same commitment.

Earlier in the day, Trump had said, “Today, I will sign an order to impose a 10% global tariff under Section 122, over and above our normal tariffs already being charged,” adding, “I can charge much more.”

The new tariffs are being imposed under Section 122 of the Trade Act of 1974. This provision allows the president to introduce temporary tariffs for up to 150 days, with a maximum rate of 15%. Trump said the levy will remain in place for about five months.

“During that period of about five months, we are doing the various investigations necessary to put fair tariffs, or tariffs, on other countries,” Trump told reporters.

When asked whether the duties could continue beyond 150 days, he said, “We have a right to do pretty much what we want to do, but we're going to change it starting effectively. I think it's three days from now.”

The move comes after the Supreme Court, in a 6-3 decision, invalidated Trump’s earlier use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs without approval from Congress. The court’s ruling blocked his emergency-based global tariffs.

Trump strongly criticised the court’s decision. He called it “deeply disappointing” and said he was “ashamed of certain members of the court.”

He argued that while the ruling limits his ability to use IEEPA for tariffs, it does not stop him from using other executive powers.

“I can destroy the trade, I can destroy the country. I'm even allowed to impose a foreign country-destroying embargo. I can embargo. I can do anything I want, but I can't charge $1 because that's not what it says,” Trump said. “How ridiculous is that?”

Trump also referred to Justice Brett Kavanaugh’s dissenting opinion, which suggested that the ruling may not greatly limit future presidential tariff powers.

“He's right. In fact, I can charge much more than I was charging,” Trump said.

“We have alternatives, great alternatives,” Trump added. “Could be more money. We’ll take in more money, and we’ll be a lot stronger for it.”

He further announced that several Section 301 investigations into unfair trade practices are being launched. These investigations are meant “to protect our country from unfair trading practices of other countries and companies.”

Although Section 122 tariffs are temporary and capped at 150 days and 15%, Trump indicated that tougher measures could follow.

When asked whether rates could increase further under Section 232 national security probes or Section 301 trade actions, he said: “Potentially higher. It depends. Whatever we want them to be.”

He also said that countries “that have treated us really badly for years” could face higher tariffs, while others would receive “very reasonable” treatment.

US Trade Representative Jamieson Greer said that details of the new Section 301 investigations will be released in the coming days. He described them as “incredibly legally durable.”

The White House fact sheet explained that certain exemptions will apply, similar to those included in the earlier tariffs that were struck down by the court. Selected products in sectors such as energy, pharmaceuticals, automobiles, and aerospace will be excluded from the new duties.

The administration also said that the US will continue to respect its legally binding reciprocal trade agreements and expects the same level of commitment from its trading partners.

Certain imports will be exempt from the temporary tariff to protect US economic needs or address international payment imbalances. These include critical minerals, bullion and currency metals, energy, and related products.

In a separate executive order, Trump confirmed that duty-free treatment for low-value shipments, including those sent through the international postal system, will remain suspended. These shipments will now be subject to the temporary 10% duty under Section 122.

The Supreme Court ruling has also raised questions about around $175 billion in tariff revenue collected over the past year under the emergency powers. According to estimates cited by Reuters from Penn-Wharton Budget Model economists, this amount could be subject to refunds.

When asked if his administration would refund duties collected under the emergency law, Trump said, “I guess it has to get litigated for the next two years,” suggesting that any refund process would take time.

Treasury Secretary Scott Bessent also addressed the issue while speaking in Dallas. He said the court did not give clear guidance on refunds and that the matter remains “in dispute.” He added, “My sense is that it could be dragged out for weeks, months, years.”

However, Bessent said the shift to new Section 122 tariffs, along with expanded Section 232 and Section 301 measures, is expected to balance any revenue losses. According to Treasury estimates, tariff revenue in 2026 could remain “virtually unchanged.”

With the new executive order now in effect, Trump has made it clear that tariffs will continue to play a central role in his trade policy.

“My sense is that it could be dragged out for weeks, months, years,” Bessent told business leaders.

Treasury officials believe that even with the loss of the earlier emergency duties, the overall tariff income for 2026 will stay “virtually unchanged.”

Despite the Supreme Court setback, the administration appears determined to maintain tariff revenues and continue its broader trade strategy using alternative legal tools.