Trump’s Tariff Threats Rattle Markets as EU Parliament Delays Trade Vote

President Trump warned Monday that countries that “play games” with trade deals after the Supreme Court’s tariff ruling will face “a much higher tariff,” as stocks fell and the European Parliament put its approval of the U.S.-EU trade deal on hold, according to NBC News, Ynetnews and The Globe and Mail. Ynetnews quoted his social-media post as saying such countries would face a tariff “much higher, and worse, than that which they just recently agreed to,” and NBC News reported he ended the post with “BUYER BEWARE!!!”

The warning follows the court’s decision on Friday striking down most of his emergency-law tariffs. Trump then signed an order for a 10 percent global tariff under Section 122 of the Trade Act of 1974, and said Saturday he would raise it to 15 percent, NBC News and CNBC reported. NBC News said the White House had not yet released an updated order. Ynetnews and the Globe described a 15 percent duty taking effect Tuesday, while CBS News and CNBC had earlier reported a White House fact sheet saying the original 10 percent tariff would start at 12:01 a.m. Eastern that day. U.S. Customs and Border Protection said it will stop collecting the invalidated emergency duties on Tuesday, according to NBC News, Ynetnews and the Globe.

Trump said the ruling still lets him impose tariffs under other legal authorities and floated license fees on trading partners without giving details, Ynetnews and the Globe reported. U.S. Trade Representative Jamieson Greer said the administration expects to open new Section 301 investigations into alleged unfair trade practices, which could support more tariffs, both outlets said.

Markets slid. NBC News reported the Dow fell more than 820 points, or 1.66 percent, the S&P 500 dropped 1.04 percent and the Nasdaq fell 1.13 percent. The Globe and Mail gave similar declines and added that the dollar weakened against the euro and the yen, with investors citing tariff uncertainty and concerns about artificial intelligence.

In Europe, the Parliament postponed a vote on the EU-U.S. trade deal, NBC News, Ynetnews, CNBC and Time reported. Time said votes scheduled for Tuesday will not take place and that lawmakers will reassess the situation next week. NBC News said lawmakers described the U.S. side of the deal as “so uncertain” that they will wait a few weeks before resuming work. The deal, agreed last July, would cap most U.S. tariffs on EU imports at 15 percent and cut some to zero.

It is the second pause. NBC News reported Parliament first paused ratification in January after Trump threatened tariffs on eight European countries over Greenland, before he backed down from that threat. Bernd Lange, who chairs Parliament’s trade committee, said legislative work was “on hold,” according to CNBC, and said, according to Time, the new tariff would push EU imports above the 15 percent threshold, calling it “a clear departure from the terms of the Turnberry deal.” The European Commission said “a deal is a deal” and expects Washington to honor its commitments, CNBC and Time reported, and Greer said the United States expects “to stand by” the agreements.

Other capitals reacted. China urged Washington to abandon its tariff measures, and India delayed planned trade talks, NBC News, Ynetnews and the Globe reported. NBC News said China is reviewing the ruling and that EU trade spokesman Olof Gill said “there is more required” from the U.S. to answer the bloc’s questions.

The ruling and the president’s response leave importers and trading partners with open questions about which rate applies and for how long. Section 122 tariffs expire after 150 days unless Congress extends them, as CBS News and CNBC reported on Saturday.