“Nothing changes… except the world paying up”: Trump hikes global tariffs to 15%

US President Donald Trump on Saturday announced a hike in tariffs on all countries to 15 per cent , up from the 10 per cent levied just a day earlier. The move follows a US Supreme Court ruling that struck down his earlier sweeping tariffs as illegal, stating that the President had exceeded his authority.

Trump had initially imposed a 10 per cent temporary import surcharge, effective February 24 for 150 days , after the court verdict. However, in a social media statement on Saturday, he declared that the tariff would be raised to 15 per cent , calling the Supreme Court decision “ridiculous, poorly written, and extraordinarily anti-American.” He said the move was part of his ongoing strategy to “Make America Great Again”.

The proclamation, titled ‘Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems’ , exempts certain goods crucial to the US economy , including critical minerals, metals, energy products, natural resources, fertilizers, select agricultural products, pharmaceuticals, electronics, vehicles, and aerospace products.

Trump also lashed out at the Supreme Court, calling the justices “fools and lapdogs” , while stating that his trade deal with India remains unchanged . “Nothing changes. They (India) will be paying tariffs, and we will not,” he said, emphasizing a reversal in trade obligations under the new arrangement.

The Indian government said it is carefully studying the developments and their implications. India has been negotiating an interim trade deal with the US, under which tariffs were to be reduced to 18 per cent . Currently, tariffs on Indian goods stand at 10 per cent , down from a previous total of 25 per cent, but Trump's latest announcement could raise this to 15 per cent.

Apex exporters’ body, Federation of Indian Export Organisations (FIEO) , welcomed the reduction, noting it boosts competitiveness for sectors such as pharmaceuticals, engineering goods, textiles, gems, and jewellery. However, Section 232 tariffs on steel, aluminum, copper, and certain auto products remain in place, continuing to constrain trade.

Think tank GTRI said the developments inject uncertainty into global trade relations, while Congress demanded that India put the interim trade deal on hold and renegotiate terms, ensuring farmers’ interests are protected .

During 2021-25, the US was India’s largest trading partner , accounting for around 18 per cent of exports, 6.2 per cent of imports , and 10.7 per cent of bilateral trade . In 2024-25, bilateral trade reached USD 186 billion , including USD 86.5 billion in exports and USD 45.3 billion in imports .

The Indian trade team is scheduled to meet US counterparts in Washington from Feb 23-26, 2026 to finalize the legal text of the first phase of the bilateral trade deal, which is expected to be signed in March and implemented in April .