The Supreme Court ruled 6-3 that IEEPA does not give Donald Trump authority to impose tariffs, striking down his emergency-based global duties.

In response, Trump announced a new 10% worldwide tariff under Section 122, while keeping existing Section 232 and Section 301 tariffs in place.

Trump cited alternative trade laws including the Trade Expansion Act of 1962, the Trade Act of 1974, and the Tariff Act of 1930 as legal backing going forward.

Markets closed higher despite weak 1.4% fourth-quarter GDP growth and 3% core PCE inflation, with the S&P 500 at 6,909.51, the Nasdaq at 22,886.07, and the Dow at 49,625.97.