China emerges as big winner from Supreme Court’s tariff ruling

HONG KONG — Global trade has been upended again after the Supreme Court struck down President Donald Trump’s “reciprocal” tariffs, with U.S. trading partners and businesses around the world grasping to understand the system that replaces them. A new flat global tariff of 10% paid by U.S. importers took effect Tuesday, lower than the 15% that Trump said he would implement days before. Under Section 122 of the Trade Act of 1974, the 10% tariff can remain in place for 150 days without congressional approval. China is the “biggest winner” from the Supreme Court ruling, with an effective U.S. tariff…