The anticipated refunds and relief from tariff costs may prove elusive, however.
On Friday, Trump signed a proclamation imposing the new 10% tariff under a never-used law known as Section 122, which gives the power to put in place tariffs up to 15% for 150 days, at which point Congress must step in.
It will go into effect on 24 February.
The order states a variety of exemptions, including certain minerals, natural resources and fertilizers; some agricultural products like oranges and beef; pharmaceuticals; some electronics and certain vehicles.
For many of the categories of exempt goods, the order is broad and does not specifically say what items might be exempt.
Canada and Mexico will retain an exemption under a North American free trade pact, the USMCA, on tariffs covering a vast majority of goods.
A White House official said countries that struck trade deals with the US, including the UK, India and the EU, will now face the global 10% tariff under Section 122 rather than the tariff rate they had previously negotiated.
The Trump administration expects those countries to keep abiding by the concessions they had agreed to under the trade deals, the official added.
Analysts expect the White House to also consider other tools, such as Section 232 and Section 301, which allow import taxes to address national security risks and unfair trade practices.
Trump has previously used those tools for tariffs, including some announced last year on sectors such as steel, aluminium and cars. Those were untouched by the court ruling.
“Things have only gotten more complicated and more messy today,” said Geoffrey Gertz, senior fellow at the Center for a New American Security in Washington.
Reaction by major trade partners was relatively muted.
“We take note of the ruling by the U.S. Supreme Court and are analysing it carefully,” European Commission spokesman Olof Gill wrote on social media.