In a dramatic turn of events, President Donald Trump has escalated global trade tensions by imposing a new 15% tariff on all imports, effective February 24, 2026, just one day after the U.S. Supreme Court ruled that many of his previous tariffs were illegal under the International Emergency Economic Powers Act (IEEPA). This ruling has left Asian trading partners questioning the viability of trade agreements struck with Washington over the past year, with China urging the U.S. to cancel its unilateral tariffs, stating, "There are no winners in a trade war and that protectionism leads nowhere" (South China Morning Post). The new tariffs are expected to last for 150 days and have already led to a rise in gold prices and a decline in the dollar, indicating heightened market uncertainty (Financial Times).