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Trump Implements 10% Global Tariff After Court Blocks Broad Duties, Promises 15% Upgrade

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  • This photo, released by Reuters, shows U.S. President Donald Trump speaking during a press briefing at the White House in Washington on Feb. 20, 2026. (Yonhap)
    This photo, released by Reuters, shows U.S. President Donald Trump speaking during a press briefing at the White House in Washington on Feb. 20, 2026. (Yonhap)
    Image: Yonhap
    This photo, released by Reuters, shows U.S. President Donald Trump speaking during a press briefing at the White House in Washington on Feb. 20, 2026. (Yonhap) Source Full size
  • U.S. President Donald Trump speaks during a visit to the Fort Bragg U.S. Army base on February 13, 2026 in Fort Bragg, North Carolina.
    U.S. President Donald Trump speaks during a visit to the Fort Bragg U.S. Army base on February 13, 2026 in Fort Bragg, North Carolina.
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    U.S. President Donald Trump speaks during a visit to the Fort Bragg U.S. Army base on February 13, 2026 in Fort Bragg, North Carolina. Source Full size
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  • This Yonhap file photo shows Finance Minister Koo Yun-cheol. (Yonhap)
    This Yonhap file photo shows Finance Minister Koo Yun-cheol. (Yonhap)
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    This Yonhap file photo shows Finance Minister Koo Yun-cheol. (Yonhap) Source Full size
  • Industry Minister Kim Jung-kwan (2nd from R) speaks at a meeting with private industries in Seoul on Feb. 23, 2026, to discuss South Korea's response to U.S. tariff policies following the U.S. Supreme Court's ruling against U.S. President Donald Trump's "reciprocal" tariffs. (Yonhap)
    Industry Minister Kim Jung-kwan (2nd from R) speaks at a meeting with private industries in Seoul on Feb. 23, 2026, to discuss South Korea's response to U.S. tariff policies following the U.S. Supreme Court's ruling against U.S. President Donald Trump's "reciprocal" tariffs. (Yonhap)
    Image: Yonhap
    Industry Minister Kim Jung-kwan (2nd from R) speaks at a meeting with private industries in Seoul on Feb. 23, 2026, to discuss South Korea's response to U.S. tariff policies following the U.S. Supreme Court's ruling against U.S. President Donald Trump's "reciprocal" tariffs. (Yonhap) Source Full size
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  • U.S. President Donald Trump speaks during a press briefing at the White House on February 20, 2026, in Washington, DC. after the Supreme Court ruled against his use of emergency powers to implement international trade tariffs, a central portion of the administration’s core economic policy.
    U.S. President Donald Trump speaks during a press briefing at the White House on February 20, 2026, in Washington, DC. after the Supreme Court ruled against his use of emergency powers to implement international trade tariffs, a central portion of the administration’s core economic policy.
    Image: Newsweek
    U.S. President Donald Trump speaks during a press briefing at the White House on February 20, 2026, in Washington, DC. after the Supreme Court ruled against his use of emergency powers to implement international trade tariffs, a central portion of the administration’s core economic policy. Source Full size
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  • Birchall boss Daniel Graham says his business has been able to cope with tariffs because tea is a relatively low-cost item
    Birchall boss Daniel Graham says his business has been able to cope with tariffs because tea is a relatively low-cost item
    Image: BBC
    Birchall boss Daniel Graham says his business has been able to cope with tariffs because tea is a relatively low-cost item (Birchall) Source Full size
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  • U.S. President Donald Trump speaks during a press briefing at the White House on February 20, 2026, in Washington, DC. after the Supreme Court ruled against his use of emergency powers to implement international trade tariffs, a central portion of the administration’s core economic policy.
    U.S. President Donald Trump speaks during a press briefing at the White House on February 20, 2026, in Washington, DC. after the Supreme Court ruled against his use of emergency powers to implement international trade tariffs, a central portion of the administration’s core economic policy.
    Image: Newsweek
    U.S. President Donald Trump speaks during a press briefing at the White House on February 20, 2026, in Washington, DC. after the Supreme Court ruled against his use of emergency powers to implement international trade tariffs, a central portion of the administration’s core economic policy. Source Full size
  • U.S. President Donald Trump speaks during a visit to the Fort Bragg U.S. Army base on February 13, 2026 in Fort Bragg, North Carolina.
    U.S. President Donald Trump speaks during a visit to the Fort Bragg U.S. Army base on February 13, 2026 in Fort Bragg, North Carolina.
    Image: Newsweek
    U.S. President Donald Trump speaks during a visit to the Fort Bragg U.S. Army base on February 13, 2026 in Fort Bragg, North Carolina. Source Full size
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  • This photo, released by Reuters, shows U.S. President Donald Trump speaking during a press briefing at the White House in Washington on Feb. 20, 2026. (Yonhap)
    This photo, released by Reuters, shows U.S. President Donald Trump speaking during a press briefing at the White House in Washington on Feb. 20, 2026. (Yonhap)
    Image: Yonhap
    This photo, released by Reuters, shows U.S. President Donald Trump speaking during a press briefing at the White House in Washington on Feb. 20, 2026. (Yonhap) Source Full size
  • This Yonhap file photo shows Finance Minister Koo Yun-cheol. (Yonhap)
    This Yonhap file photo shows Finance Minister Koo Yun-cheol. (Yonhap)
    Image: Yonhap
    This Yonhap file photo shows Finance Minister Koo Yun-cheol. (Yonhap) Source Full size
  • Industry Minister Kim Jung-kwan (2nd from R) speaks at a meeting with private industries in Seoul on Feb. 23, 2026, to discuss South Korea's response to U.S. tariff policies following the U.S. Supreme Court's ruling against U.S. President Donald Trump's "reciprocal" tariffs. (Yonhap)
    Industry Minister Kim Jung-kwan (2nd from R) speaks at a meeting with private industries in Seoul on Feb. 23, 2026, to discuss South Korea's response to U.S. tariff policies following the U.S. Supreme Court's ruling against U.S. President Donald Trump's "reciprocal" tariffs. (Yonhap)
    Image: Yonhap
    Industry Minister Kim Jung-kwan (2nd from R) speaks at a meeting with private industries in Seoul on Feb. 23, 2026, to discuss South Korea's response to U.S. tariff policies following the U.S. Supreme Court's ruling against U.S. President Donald Trump's "reciprocal" tariffs. (Yonhap) Source Full size
  • U.S. President Donald Trump speaks to the press at the White House in Washington, D.C., on Feb. 20, 2026, in this photo released by EPA. (Pool photo) (Yonhap)
    U.S. President Donald Trump speaks to the press at the White House in Washington, D.C., on Feb. 20, 2026, in this photo released by EPA. (Pool photo) (Yonhap)
    Image: Yonhap
    U.S. President Donald Trump speaks to the press at the White House in Washington, D.C., on Feb. 20, 2026, in this photo released by EPA. (Pool photo) (Yonhap) Source Full size
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  • Le chancelier allemand, Friedrich Merz, à Stuttgart (Allemagne), le 20 février 2026.THILO SCHMUELGEN / REUTERS
    Le chancelier allemand, Friedrich Merz, à Stuttgart (Allemagne), le 20 février 2026.THILO SCHMUELGEN / REUTERS
    Image: Le Monde
    Le chancelier allemand, Friedrich Merz, à Stuttgart (Allemagne), le 20 février 2026.THILO SCHMUELGEN / REUTERS (THILO SCHMUELGEN / REUTERS) Source Full size
  • Emmanuel Macron lors de l’inauguration du Salon international de l’agriculture, à Paris, le 21 février 2026.MANON CRUZ / AFP
    Emmanuel Macron lors de l’inauguration du Salon international de l’agriculture, à Paris, le 21 février 2026.MANON CRUZ / AFP
    Image: Le Monde
    Emmanuel Macron lors de l’inauguration du Salon international de l’agriculture, à Paris, le 21 février 2026.MANON CRUZ / AFP (MANON CRUZ / AFP) Source Full size

Supreme Court blocks IEEPA‑based reciprocal tariffs On 20 February 2026 the Court issued a 6‑3 decision holding that the 1977 International Emergency Economic Powers Act does not authorize President Trump’s country‑specific tariffs, instantly nullifying the duties imposed since April 2025 and halting further collection by Customs and Border Protection [2][6][13][16]. The ruling forced the administration to abandon its emergency‑tariff strategy and left $130‑$175 billion in revenues subject to potential refunds [1][19][20].

Administration pivots to Section 122 global levy Hours after the decision the White House signed an executive order invoking Section 122 of the 1974 Trade Act, authorizing a uniform 10 % tariff on all imports effective 24 February 2026, with the statutory ceiling of 15 % available for later increase [1][3][5][11][19]. Treasury officials said the new levy will not change overall tariff revenue, and customs began collecting the 10 % rate on Tuesday while Trump publicly promised a rise to 15 % but had not yet enacted it [2][3][4]. The 150‑day authority operates without congressional approval, though extension would require legislative action unlikely before the 2026 midterms [2][5][7][8][11].

Legal and financial fallout intensifies Importers and industry groups have filed lawsuits seeking full refunds of the IEEPA duties, with FedEx leading a claim and a coalition representing over 900 firms demanding restitution [1][2][13]. The Treasury estimates the IEEPA collections generated roughly $130 billion, and analysts warn that the refund process could drag on for months or years, adding to market uncertainty [1][19][20]. Treasury Secretary Scott Bessent affirmed that overall tariff revenue will remain flat despite the court’s rebuke [2][15].

Allies, Congress, and markets react to the new tariff regime Britain’s trade secretary and the EU have paused or sought clarification on existing agreements, while India deferred talks, reflecting heightened diplomatic caution [1][6][14]. Senate Democrats, led by Chuck Schumer, introduced refund legislation targeting $134‑$175 billion and pledged to block any extension of the 15 % tariff beyond the 150‑day limit [4][6][7][15]. Trump warned on Truth Social that nations “playing games” with the ruling would face “much higher” duties, signaling an escalation despite the legal setback [3][4][6][9][10]. The S&P 500 slipped about 1 % as investors priced in the renewed trade‑war risk [6].

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Timeline

Apr 2, 2025 – Trump announces “Liberation Day” tariffs, imposing a 15 % duty on South Korean goods after Seoul pledges a $350 billion investment, down from an earlier 25 % rate, marking a major use of emergency powers to pressure trade partners [14][24].

Aug 2025 – A federal appeals court rules that the Trump administration’s IEEPA‑based tariffs exceed presidential authority, setting the stage for a Supreme Court review [25].

Feb 20, 2026 – The U.S. Supreme Court issues a 6‑3 decision that the 1977 International Emergency Economic Powers Act does not authorize sweeping tariffs, invalidating roughly $175 billion of duties and reaffirming that only Congress may levy taxes [21][23][27][30].

Feb 20, 2026 – Trump declares the Court’s ruling a “disgrace” and signs an executive order invoking Section 122 of the 1974 Trade Act to impose a 10 % global tariff on all imports, slated to begin three days later [17][19][20][21][29].

Feb 21, 2026 – Trump raises the global tariff to the statutory maximum of 15 % via Section 122, applying it to most imports while preserving existing sector‑specific duties on steel, aluminium, lumber and autos [3][11][12].

Feb 22, 2026 – Treasury reports that at least $130 billion collected under the now‑invalid IEEPA tariffs faces refund lawsuits, including a FedEx claim for a full refund, while analysts warn the rapid tariff shifts “add to the chaos and mess” and revive trade‑war risk [1][4].

Feb 23, 2026 – Trump posts on Truth Social that any country “playing games” with the Court’s decision will face “much higher tariff, and worse,” intensifying pressure on trade partners [2][6][7]; Beijing responds that “no winners” exist in a trade war, the EU suspends ratification of its summer deal, India defers tax‑treaty talks, and South Korea’s finance minister warns uncertainty is “very high” [8][9][2].

Feb 24, 2026 – The 10 % global tariff becomes effective, starting a 150‑day window; the S&P 500 slips about 1 % as markets react, and Britain’s trade secretary says the 10 % US‑UK arrangement remains the best deal while the EU pauses its deal ratification [1].

Apr 2026 (planned) – Trump schedules a visit to China at President Xi’s invitation to build on the October Busan trade truce, signaling a diplomatic push despite the new tariffs [8].

July 2026 (expected) – The 150‑day Section 122 tariff period expires; unless Congress extends it, the global duty lapses, prompting industry groups to prepare for potential refund litigation in the New York International Trade Court [8][19][28].

Nov 2026 (midterm elections) – The administration frames the tariffs as a campaign issue, using them to appeal to voters ahead of the 2026 midterms while Democrats push legislation to reimburse households for higher costs [6][10][15].

2026 onward – Treasury Secretary Scott Bessent projects tariff revenue to remain “virtually unchanged” by mixing Section 122, 232 and 301 duties, while the White House readies a backup plan under Section 338 of the Smoot‑Hawley Act and launches new Section 301 investigations into unfair trade practices [4][18][6].

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