WRAPUP 2-Trump furious after Supreme Court upends his global tariffs, vows new 10% levy

By Jonathan Allen, David Lawder and Andrew Chung

Feb 20 (Reuters) - U.S. President Donald Trump responded with fury to Friday's Supreme Court ruling that he did not have the power to unilaterally set tariffs on imports, denigrating individual justices as he vowed to wield a more restrictive law to continue his global trade war.

He vowed he would not be deterred by what he repeatedly called a ridiculous ruling, announcing to reporters at the White House an immediate new tariff of 10% on imports from all countries on top of any existing tariffs, for up to the maximum 150 days allowed by Congress.

The court's landmark 6-3 ruling upended the leverage Trump and his trade envoys have wielded over foreign governments, both allies and foes, at negotiating tables around the world to reshape diplomatic relations and global markets.

It called into question the many trade deals his envoys have negotiated in recent months under the threat of high tariffs. The ruling briefly sent U.S. stock indexes surging, before ending modestly higher as analysts warned of renewed confusion in global markets while they await Trump's next moves.

It left open the fate of the $175 billion Trump has collected from U.S. importers under what the court said was his incorrect reading of the law.

"I'm ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what's right for our country," Trump told reporters at the White House, complaining that foreign countries were ecstatic at the ruling and were "dancing in the street."

He insinuated, without evidence, that corruption played a part in the majority's decision, which was written by Chief Justice John Roberts: "They're very unpatriotic and disloyal to our Constitution. It's my opinion that the court has been swayed by foreign interests and a political movement that is far smaller than people would ever think."

TRUMP EXCEEDED HIS AUTHORITY: COURT

Since returning to the White House 13 months ago, Trump has said he had what the court summarized as the "extraordinary power to unilaterally impose tariffs of unlimited amount, duration, and scope." Citing a national emergency, he said the International Emergency Economic Powers Act (IEEPA) meant he could set tariffs at any rate he chose.

The court's ruling was blunt: Trump has not proved the president has this power, and exceeded his authority. A tariff levied on U.S. importers is a tax like any other, the court said, and the Constitution reserves the power to "lay and collect Taxes, Duties, Imposts and Excises" to Congress.

"It's ridiculous," Trump told reporters, "but it's OK, because we have other ways, numerous other ways."

In announcing his new temporary 10% tariff, Trump became the first president to invoke Section 122 of the Trade Act of 1974, which allows the president to levy tariffs of up to 15% for up to 150 days to fix "fundamental international payments problems." That, too, could draw legal challenges. Such tariffs can only be extended with Congress' authorization.

Trump said he would again use Section 301 of the Trade Act, which gives him the authority to impose tariffs to fix specific unfair foreign trade practices, such as intellectual property theft, but only after an often lengthy investigation.

Trump used the statute during his first term to impose tariffs ranging from 7.5% to 25% on about $370 billion worth of U.S. imports from China, duties that were maintained during the four years of the Biden administration.