economy
February 24, 2026
Donald Trump's new 10% global tariff comes into effect
US president had said he would raise levy to 15% after last week's supreme court ruling
TL;DR
- A 10% global tariff has been implemented by the Trump administration, effective for 150 days.
- This follows a previous threat of a 15% tariff, adding to business uncertainty.
- The tariffs are being applied under Section 122 of the Trade Act of 1974, without Congressional approval.
- FedEx has filed a lawsuit seeking a refund for tariffs previously paid, following a supreme court decision that invalidated many of Trump's earlier tariffs.
- The supreme court's ruling against previous tariffs may lead to more legal challenges against the new levies.
- The European Union has received assurances from the US that the existing US-EU trade deal will be honored, despite the new tariffs.
- Economists suggest that the new tariffs might also face legal challenges due to the conditions required for imposing such duties.
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