economy
February 22, 2026
US trade partners proceed with caution as they wait for Trump's tariff pivot
The United States’s global trade partners had their ears to the door on Friday, responding quickly after the Supreme Court decided to strike down President Donald Trump’s “Liberation Day” tariffs.
TL;DR
- The Supreme Court struck down President Trump's "Liberation Day" tariffs enacted under the International Emergency Economic Powers Act (IEEPA).
- Global trade partners like the EU, Canada, and the UK responded with cautious optimism, awaiting the U.S. policy response.
- The EU and Canada indicated they would continue advocating for lower tariffs and engaging in further talks with the U.S.
- President Trump announced a new 10% global tariff under Section 122 of the Trade Act of 1974.
- Trump stated that national security and non-IEEPA tariffs, such as those under Section 232 and 301, would remain in place.
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