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Trump Announces 15% Global Tariff, Threatens Higher Duties After Supreme Court Ruling

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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)
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  • 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)
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    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 visit to the Fort Bragg U.S. Army base on February 13, 2026 in Fort Bragg, North Carolina.
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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)
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  • 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)
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Supreme Court Nullifies IEEPA Tariffs, Halting Collections On February 20, 2026 the U.S. Supreme Court issued a 6‑3 decision striking down the emergency tariffs imposed under the 1977 International Emergency Economic Powers Act, ruling the president lacked authority to levy reciprocal duties [1][2][3][7][19]. U.S. Customs and Border Protection announced it would cease collecting the invalidated tariffs at 12:01 a.m. EST on February 24, 2026 [2][16]. The ruling eliminated roughly $130‑$175 billion in revenue generated by the IEEPA measures, prompting immediate legal and legislative responses [3][6][16].

Trump Shifts to 15% Global Tariff Under Trade Act Hours after the court’s decision, President Donald Trump invoked Section 122 of the 1974 Trade Act to impose a 10% blanket tariff on all imports, then announced it would rise to 15% effective Tuesday, February 24, 2026, with a 150‑day limit unless Congress renews it [1][2][3][7][8][9][13][14][15]. The proclamation cites “large and serious balance‑of‑payments deficits” as justification, though officials have previously acknowledged the statute’s limited relevance to trade‑deficit concerns [9][13]. The new duty replaces the voided IEEPA tariffs and applies to most goods, exempting certain products under the Trade Act framework [7][14].

Administration Threatens Higher Duties for Non‑Compliant Nations Trump posted on Truth Social that any country “playing games” with the Supreme Court ruling will face “a much higher tariff, and worse,” signaling potential escalation beyond the 15% baseline [1][2][7][8][10][11][12][13][14][15]. U.S. Trade Representative Jamieson Greer indicated the administration will pursue Section 301 investigations and may impose product‑specific surcharges, keeping pressure on exporters from the EU, India, the UK, South Korea and others [7][8][10][11]. The rhetoric underscores the president’s intent to use tariffs as leverage ahead of the 2026 midterm elections [13][15].

Congressional Refund Bills Target Hundreds of Billions Senate Democrats, led by Ron Wyden, Ed Markey and Jeanne Shaheen, introduced legislation requiring Customs to refund roughly $175 billion (or $134 billion in a separate proposal) collected under the invalidated tariffs, with interest and priority for small businesses [1][2][6][3]. The “Tariff Refund Act” aims to return funds within 180 days, citing consumer harm and upcoming elections as motivation [6][9]. Several importers, including FedEx, Revlon, Alcoa, Bumble Bee and Costco, have filed lawsuits seeking full reimbursement, adding pressure on the administration to resolve the refund process [3][5].

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Timeline

Dec 9, 2025 – President Trump warns on Truth Social that a Supreme Court decision against his tariffs would be “the biggest threat in history” to U.S. national security, insisting tariffs have “strengthened the economy and security” and that Europe’s actions against China prove the need for U.S. measures. [24]

Dec 1, 2025 – Costco sues the U.S. government in the Court of International Trade for a full refund of roughly $90 billion in import duties collected under the IEEPA tariffs, arguing the duties are illegal and noting the Dec 15 filing deadline. [25]

Jan 20, 2026 – The Supreme Court declines to rule on the legality of the IEEPA tariffs, leaving the emergency‑tariff program in limbo and prompting the administration to continue pursuing the scheme. [22]

Feb 20, 2026 – In a 6‑3 decision, the Supreme Court holds that the 1977 International Emergency Economic Powers Act does not authorize the president to impose sweeping “reciprocal” tariffs, striking down roughly $175 billion of Trump’s duties and opening the door to refund claims. [20][19]

Feb 20, 2026 – Trump calls the ruling “deeply disappointing” and “foreign‑influenced,” then signs an executive order invoking Section 122 of the 1974 Trade Act to impose a uniform 10 % tariff on all imports, effective Feb 24, and declares he can “do pretty much what we want.” [21][18]

Feb 20, 2026 – Senate Democrats introduce legislation requiring the Treasury and CBP to refund the estimated $175 billion in tariff revenue with interest within 180 days, prioritizing small businesses. [2][6]

Feb 21, 2026 – Trump announces via Truth Social that the 10 % global tariff will be raised immediately to the statutory ceiling of 15 %, labeling the Court’s decision “ridiculous, poorly written and extraordinarily anti‑American.” [13][11]

Feb 21, 2026 – USTR Jamieson Greer launches Section 301 investigations of major trading partners for alleged unfair practices, while France’s trade minister warns the EU may use its anti‑coercion instrument in coordinated retaliation. [13][11]

Feb 21, 2026 – South Korea’s presidential office says it will closely monitor the new U.S. tariff, schedules a parliamentary hearing on the pending $350 billion investment bill for Mar 5, and reaffirms its commitment to the investment pact despite the tariff shift. [14]

Feb 22, 2026 – Trump threatens “much higher tariffs, and worse” for any nation that “plays games” with the Court’s decision, posting “BUYER BEWARE!!!” on Truth Social as the EU, India and the UK pause or question pending trade deals. [1][9]

Feb 23, 2026 – USTR Greer says the administration’s trade policy remains unchanged, pledges to continue Section 301 investigations, and notes the new 15 % global tariff will stay in force for 150 days unless Congress acts. [1][8]

Feb 24, 2026 – FedEx files a complaint in the U.S. Court of International Trade demanding a full refund of all IEEPA duties it paid, joining more than 1,000 firms seeking reimbursement after the Court’s ruling. [2]

Feb 24, 2026 – The State of the Union address takes place as the 15 % global tariff begins enforcement; the S&P 500 falls about 1 % amid trade‑policy uncertainty. [1]

Late July 2026 (approx.) – The Section 122‑based 15 % global tariff is scheduled to lapse after the 150‑day limit expires, pressuring Congress to act if the administration wants to extend the duties. [4][5]

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