The new 10% import duty will apply to all countries and be effective "almost immediately", the US president said in a post on his Truth Social platform.
The White House announced the levy would take effect on 24 February, although it could face legal challenges.
The law Mr Trump has used to impose the tariff caps it at 150 days, but he brushed off a question about the limit by saying "we have a right to do pretty much what we want to do".
It comes after six of the Supreme Court's nine judges voted to overturn Mr Trump's signature economic policy, handing him a significant loss.
The judgment was in response to an application brought by businesses affected by the tariffs from 12 mostly Democrat-run states.
The applicants challenged the way that Mr Trump imposed the sweeping country-specific taxes.
Traditionally, tax-raising measures like tariffs are taken through Congress but the president wished to bypass that process.
But the majority judgment found the US Constitution "very clearly" gives Congress that power.
"The framers did not vest any part of the taxing power in the executive branch," US Chief Justice John Roberts wrote.
The case is the first challenge to a major part of Mr Trump's agenda to be ruled on by the Supreme Court.
Trump 'ashamed' of judges who ruled against him
Responding to the decision, Mr Trump described it as a "disgrace".
He said he was "ashamed" of the six Supreme Court judges who ruled against him for not "having the courage to do what's right" for the US, describing them as "fools and lapdogs" who are "very unpatriotic and disloyal to our Constitution".
Three of the six judges who ruled his tariffs illegal are Republicans. They include Neil Gorsuch and Amy Coney Barrett, who were appointed during Mr Trump's first term in office.
Mr Trump thanked the three justices who voted in his favour, before claiming that foreign countries "who have been ripping us off for years" were now "dancing in the streets".
Read more: Trump's trade war is not over
Mr Trump's administration had argued that a 1977 law allowing the president to regulate importation during emergencies also allowed him to set tariffs.
Other presidents have used the law to impose sanctions before, but Mr Trump was the first president to invoke it for import taxes.
Following the Supreme Court ruling, he said: "Today I will sign an order to impose a 10% global tariff under section 122 over and above our normal tariffs already being charged."
Section 122 of the 1974 Trade Act allows the president to institute a "temporary import surcharge" of up to 15% for a maximum of 150 days if he finds there are "large and serious" balance-of-payments deficits to prevent an "imminent" and "significant" depreciation of the US dollar in foreign exchange markets.
The White House said there would be several exceptions to the import duty, including certain agricultural products, such as beef and tomatoes, some critical minerals, pharmaceuticals and electronics, and passenger vehicles.
What is the international response?
The UK government said it expected its "privileged trading position" with the US to continue, but along with many other countries, it was also waiting to see "how the ruling will affect tariffs".
William Bain, head of trade policy at the British Chambers of Commerce (BCC), said the decision did little to "clear the murky waters for business", adding that Mr Trump could use other legislation to reimpose tariffs - which is exactly what he's planning.
French President Emmanuel Macron responded positively to the ruling and said a calm mindset was needed.
"It is good to have power and counterweights to power in democracies," he told reporters on Saturday.
Japan and Taiwan said they were monitoring the situation closely, while China has yet to respond.
What are tariffs?
From 2 April last year, a day described by Mr Trump as "Liberation Day", countries across the world were hit with taxes on their exports.
The tariffs were brought in via executive order from Mr Trump, who invoked the International Emergency Economic Powers Act to do so.
The Act is a 1977 law intended to be used during national emergencies, which Mr Trump invoked, saying the country was in a national emergency because of US trade deficits.
It was also this law that was used to apply levies on Canadian, Chinese and Mexican goods and services entering the US, although Mr Trump's national emergency rationale was the trafficking of the drug fentanyl into the US.
What does it mean for the economy?
What happens next, and whether roughly $175bn in import taxes will be refunded, remains to be seen.
The decision immediately lowers the effective tariff rate sharply, from 12.8% to 8.3%, according to Michael Pearce, the chief US economist at Oxford Economics.
Many companies, including wholesale chain Costco, have already gone to court seeking tariff refunds.
Read more from Sky News:
Trump: Release files on 'alien and extraterrestrial life'
Board of Peace pledges billions of dollars to Gaza
Justice Kavanaugh wrote in the dissent: "The court says nothing today about whether, and if so how, the government should go about returning the billions of dollars that it has collected from importers.
"But that process is likely to be a 'mess', as was acknowledged at oral argument."
That uncertainty is likely to remain, potentially eliminating any economic benefit from tariff removal.
With so many Labour-run councils already in jeopardy in the forthcoming local elections, campaigners believe this could be a deciding issue in key areas.
But the Israeli embassy says the pledge is a "disgraceful effort at intimidation".
In total, 1,028 councillors have now signed up to "uphold the inalienable rights of the Palestinian people" and ensure their council is not complicit in what they claim are "Israel's violations of international law", such as divesting from pension funds invested in arms companies.
Among the signatories is Hackney Green Councillor Zoe Garbett.
"I think that this is really important to uphold the rights of the Palestinian people and to make sure that we can make ethical investments," she told Sky News, adding that this was an issue that residents had raised with the council.
"They want to see their council representing them on a national level," she said.
"We know that most people really want to see an end to the genocide in Gaza, and an end to wars and conflicts all across the world, and they want to see their local representatives standing up for them."
Israel denies the accusations of genocide in Gaza.
Most signatories from Green and Labour parties
So far, 345 of the councillors who've signed the Palestine Pledge are from the Greens, followed by 338 from Labour, 104 Lib Dems, 38 members of the SNP, 17 from Plaid Cymru, 12 from Your Party, three Conservatives and many more independents.
Labour has long been divided on the issue of Gaza.
The prime minister's initial reluctance to call for a ceasefire after the October 7 attacks led to a drop in support among Muslim communities at the last election. Four Labour MPs lost their seats to pro-Palestinian candidates in July 2024, and the party is now under increasing pressure from other parties on the left.
Read more: What's happening with this year's local elections?
The pledge provides a rough indication of where it could be a factor in the local elections.
In Labour-dominated Islington, 59% of councillors pledged, mostly from Labour. In Tower Hamlets, 49% have signed up, nearly all from the controlling group on the council, Aspire, and none from the Labour block of 16 councillors.
In Sheffield, where no party currently has overall control, 24% have signed up - including 13 Greens and seven Labour councillors.
But in Labour-controlled Bradford, 29% have signed up - the majority are Greens and independents. In Hackney - where there have been big debates over the issue of divestment - 16% have pledged, with just three of them from Labour.
Pledges from Labour left
While the prime minister recognised Palestinian statehood in September, many on the Labour left would like to see him do more.
"I think that so many Labour councillors have been so keen to sign the Palestine pledge as councillors because it puts on record that support for Palestine and distinguishes them from the position taken by the leader of the Labour Party," Richard Burgon, Labour MP for Leeds East, said.
The pledge was launched by the Palestine Solidarity Campaign - the group behind many of the protest marches in support of the Palestinian cause - and supported by four other organisations, the Palestinian Youth Movement Britain, the Palestinian Forum in Britain, The Muslim Vote and the British Palestinian Committee.
'Dangerous road to go down'
Former MP Lord Steve McCabe, from Labour Friends of Israel, is concerned about the potential impact of the pledge, saying the campaign was "trying to interfere in local elections" and "encourage councils to develop their own foreign policies".
"I think it's a dangerous road to go down. I think undoubtedly it could create tensions in some communities," he said.
Lord McCabe added that the campaign comes at a time of heightened antisemitism. He said: "Jewish people are alarmed. They're scared to go to their synagogue. Sometimes they're frightened to walk the streets of their own community. How this will do anything to relieve tensions, I can't see."
A spokesperson from the Israeli embassy in London said: "Contrary to what has been portrayed in the campaign, Israel is actively engaged in implementing the 20-point programme established by the Board of Peace.
"It is regrettable to see small-scale political opportunism and grifting carried out on the backs of people in the Middle East.
"The BDS [Boycott, Divestment, Sanctions] campaign is a disgraceful effort at intimidation that echoes some of the darkest chapters of history. Calls for boycott[s] should be rejected."
Read more from Sky News:
Gorton and Denton by-election: The UK's first crucial vote
Analysis: Starmer has even more to lose after latest U-turn
Dan Iley-Williamson, political organiser at the Palestine Solidarity Campaign, said local authorities "administer pension funds that invest more than £12bn in companies enabling Israel's crimes, including in arms firms that make the bombs and bullets used to kill Palestinians".
"The mass movement for Palestine - which has brought millions onto Britain's streets - is not going away," he added.
"Vote Palestine will take our demands into the May elections and deliver a message to those seeking office: If you want our votes, stand up for Palestine."
The government says it "formally recognised Palestine in the autumn to protect the viability of a two-state solution and create a path towards lasting peace for the Israeli and Palestinian people".
Concerns were raised to police over the welfare of the men, aged 19 and 20, on Wednesday.
Crews from Llanberis Mountain Rescue Team, Aberglaslyn Mountain Rescue Team, RAF Mountain Rescue Service, SARDA and HM Coastguard were deployed and carried out extensive searches on Yr Wyddfa (Snowdon).
North Wales Police said in a statement: "Tragically, the bodies of the two men were located and recovered as part of these co-ordinated search efforts.
"Both have now been formally identified, and their families have been informed."
Jurgen Dissmann, chair of Llanberis Mountain Rescue Team, said that he wanted to extend his "most heartfelt condolences" to the families and loved ones of the two men.
He said: "The team were tasked by North Wales Police and launched an extensive multi-agency operation in full winter conditions.
"Volunteers searched across challenging mountain terrain in snow and ice, working long hours through the night in difficult weather in an effort to locate the pair as quickly as possible.
"Despite the determined and sustained commitment of everyone involved, we are deeply saddened that, despite all efforts, the outcome was not what we had hoped for."
Read more from Sky News:
'Most notorious prisoner' vows to 'expose unlawful sentence'
Inside lab that could be crucial for women's rugby future
Meanwhile, officers from Police Scotland are trying to find a climber who failed to return from a planned hike on Ben Nevis.
Brian Mcgillicuddy, 64, was reported missing on Thursday, having last been seen at 4am on Glasdrum Road in Fort William.
Police Scotland believes the hiker planned to walk up to the Charles Inglis Clark Hut, which is typically used by mountaineers as a base camp on the north face of Ben Nevis.
Sergeant Paige Macdonald said: "Brian is an experienced hill walker, but he did not return from his planned hike and has not been heard from since."
Mr Mcgillicuddy is 6ft 1in tall, of slim build, with short grey and white hair.
He was wearing a white climbing helmet, a dark blue jacket, white jeans and blue and red gaiters, when he was last seen.
Anyone with information is asked to contact Police Scotland.
The decision is a hopeful development for one of Britain's longest-serving and most notorious prisoners, and means a fuller examination of his eligibility for release will now take place.
Bronson, 73, has spent more than five decades in custody. He was first jailed in 1974 for armed robbery.
Repeated violence and hostage-taking then resulted in his sentence being increased to life.
But after 12 years without a violent conviction, this is now his ninth attempt to seek parole.
In a letter to Sky News, Bronson wrote: "I am 23 years over my tariff. I am forever denied progress. I am forever kept in solitary. They won't even take me off Cat A."
He went on: "I have to expose this unlawful sentence and treatment. It's now gone on for far to long [sic] its become a total joke."
His most recent review had been under consideration "on the papers", where written evidence is assessed by the parole board, including reports from prison officials, psychologists and probation staff.
However, the board has this week concluded that the case should progress to an oral hearing, where evidence can be tested in person and witnesses questioned directly. The hearing will allow the parole board to assess Bronson's current level of risk in greater depth, before deciding whether he can be safely released into the community.
The parole board could also decide that the best course of action is to move Bronson to an open prison and onto a normal wing with other prisoners to see how he fares. Bronson has been in solitary confinement 23 hours a day for 37 years on and off.
Read more from Sky News:
Grey's Anatomy star dies aged 53
Man jailed after starving dogs to death
Gurdeep Singh, a solicitor acting for Bronson - also known as Charles Salvador - said the move was an important step.
"Mr Salvador is delighted with the fact he has been progressed to a full hearing but he is under no illusions; this is just the start of the fight for his release," he said.
"He wants to show the world he is not the person he was, he hopes to convince the panel that he is a changed man intent on living a simple life in the outside world. He has high hopes he can see his 95-year-old mother this year."
Bronson is expected to be invited to attend the hearing in person, giving him the opportunity to address the panel directly and respond to concerns about his behaviour and future plans if he were to be released.
The parole board granted Bronson a public oral hearing in 2023, where he said: "It's no secret I have had more porridge than Goldilocks and the Three Bears, and I'm sick of it. I've had enough of it. I want to go home."
He had applied for this year's parole proceedings to be heard in public, a request we understand was rejected. But with the case now moving to an oral stage, he could seek to renew that request.
No date has yet been set for the hearing.
Lincolnshire Police confirmed a 68-year-old man had been arrested as part of an "ongoing investigation following an allegation that a man was sexually assaulted between 2018 and 2025".
Bishop Conway has been released on conditional bail.
Earlier, a statement shared on the Diocese of Lincoln website confirmed the bishop had been "suspended from ministry" following a complaint to the Church of England's national safeguarding team.
The statement said "support is in place for those affected", and a referral had been made to the "appropriate statutory authorities".
No details of the complaint were given.
The statement added: "We understand that this will be a deeply unsettling time".
The Bishop of Grantham, the Right Reverend Dr Nicholas Chamberlain, will be standing in during the suspension.
Bishop Conway has been Bishop of Lincoln since 2023, and has previously served as Bishop of Ramsbury and Bishop of Ely.
He has been a member of the House of Lords since 2014.
Sky News has contacted Bishop Conway for comment.