Donald Trump has announced he has ordered for the newly-launched global tariffs to be hiked, just hours after he announced the introduction of a 10% levy. Fears of a trade war and market instability spiked on Saturday afternoon, as the US President announced his decision to rise, “effective immediately”, the global tariffs to 15%. His comments come just days after the US Supreme Court ruled his sweeping tariffs were illegal, leaving the US with $133.5 billion in tax refunds to US busineeses.

Announcing the move on Truth Social, Trump wrote: “Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court, please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been “ripping” the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level.”

The Supreme Court’s decision was approved by a 6-3 majority – inlcuding two judges voting against the tarrfis who Trump himself appointed.

Their ruling found that a 1977 law did not give Mr Trump the power to impose tariffs without the approval of the US Congress.

The vote to call the president’s policy illegal is something that clearly angered Trump, leaving him to hti back at the court as he claimed they had been “swayed by foreign interests” and other countries were “dancing in the streets”.

He said: “In order to protect our country, a president can actually charge more tariffs than I was charging in the past… period of a year.”

“Under the various tariffs authorities, so we can use other of the statutes, other of the tariff authorities, which have also been confirmed and are fully allowed.”

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Initially Trump’s approach was a sweeping 10% tarriff something he claimed would “[take] more money than we’ve taken in before.”

But now the President claimes to have found a legal loophole that allows him to up the tarriffs by an extra 5% with a 50-year-old piece of legislation – “section 122” of the Trade Act.

The section allows a president to institute a “temporary import surcharge” of up to 15% if he finds there are “large and serious” balance-of-payments deficits.