Tariff Chaos Erupts as Trump's 15% Global Tariff Sparks Market Turmoil

The U.S. Supreme Court's ruling that President Trump's emergency tariff policy is illegal has sparked chaos in global markets. Trump responded by announcing a 10% tariff on the whole world, effective immediately, only to raise it to 15% hours later. The move has left trading partners stunned, with India putting its U.S. deal on hold and the European Commission ruling out changes, but analysts are skeptical. At the moment over 1,800 suits have been filed seeking refunds of $170 billion in tariffs paid. European stock futures slipped 0.5%, while S&P 500 futures fell 0.8% and Nasdaq futures was down 1%.