So here's what happens when you tell a president he can't do something: he finds another way to do it. On Friday, former President Donald Trump escalated his ongoing trade battles, but this time he was responding to a Supreme Court ruling that went against him. The Court struck down his use of emergency powers to impose tariffs, and Trump's response was, essentially, "Fine, I'll use a different law."

Speaking at a press conference just hours after the ruling came down, Trump didn't hold back. He said he was "ashamed of certain members of the Court," though he praised Justices Clarence Thomas, Samuel Alito, and Brett Kavanaugh for their dissent in the 6-3 decision. The majority opinion held that Article I of the Constitution gives Congress—not the president—the power to levy duties and taxes, blocking tariffs imposed under the International Emergency Economic Powers Act (IEEPA).

"I can do anything I want but not charge one dollar," Trump said, criticizing the logic of the decision. He framed it as a win for foreign interests, claiming, "The Supreme Court was swayed by interest. Foreign countries are now dancing in the streets, but they won't be dancing for too long."

The Pivot to Plan B (and C, and D)

If you thought this ruling would slow down Trump's tariff agenda, think again. He immediately defended his broader strategy, pointing to recent market milestones. "Our stock market has just recently broken 50,000 on the Dow and broken 7,000 on the S&P," he said. "Nobody thought it was possible to do it within four years, and we did it in one year."

More importantly, he signaled a quick pivot to other legal tools. "The good news is that there are methods, practices, statutes and authorities… that are even stronger than the IEEPA tariffs available to me," Trump stated. "We have alternatives. Great alternatives. I can charge much more than I was charging."

He specifically cited Section 232 of the Trade Expansion Act of 1962, Sections 122 and 301 of the Trade Act of 1974, and Section 338 of the Tariff Act of 1930 as viable paths forward. He confirmed that existing national security tariffs under Section 232 (on steel and aluminum) and Section 301 (on Chinese goods) remain "fully in place and in full force and effect."

Then came the new announcement: he will sign an order imposing a 10% global tariff under Section 122. This statute allows for temporary tariffs of up to 15% for 150 days to address balance-of-payments issues. "We'll take in more money than we've taken in before," Trump predicted.

The $175 Billion Question

One of the biggest unresolved issues is what happens to the money already collected under the now-invalidated IEEPA tariffs—about $175 billion, by Trump's account. When asked if the administration would have to refund it, Trump said the Supreme Court's opinion didn't address that question. He questioned why the ruling failed to clarify whether the government could keep the "hundreds of billions of dollars" and suggested the matter is far from settled.

"We'll end up being in court for the next five years," Trump said, implying a long legal battle over the funds is likely.

Markets Shrug (For Now)

Despite the dramatic political and legal theater, financial markets seemed to take the news in stride. Stocks showed little reaction to Trump's remarks. The S&P 500—tracked by the SPDR S&P 500 ETF Trust (SPY)—was trading flat on the session. It seems, for now at least, that investors have grown accustomed to the tariff tango.