Trump Imposes 10% Tariff on All Imports, Sparks Market Jump

• US President Donald Trump announced a 10% increase in tariffs on all imports, effective in three days.
• The S&P 500 and Dollar Index surged to day highs following the announcement.
• The new tariffs are likely to be applied under Section 122 of the Trade Act of 1974, empowering the president to address balance-of-payments deficits.
• Trump stated he does not need Congressional approval for this action, despite earlier tariffs being struck down as 'illegal' by the Supreme Court.
• The move comes amidst rising unpopularity of tariff policies and potential investigations under Sections 301 and 232.