A new 10% tariff on U.S. imports is set to take effect on February 24, 2026.
A new 10% tariff on U.S. imports is set to take effect on February 24, 2026, for a 150-day duration following a Supreme Court ruling that limited previous trade measures. The new duty, imposed under Section 122 of the Trade Act of 1974, impacts most imports but includes exemptions for certain,2026 critical minerals, agricultural products, and pharma. The Decision: In a 6-3 ruling for Learning Resources, Inc. v. Trump, the conservative-majority court struck down the administration's broad use of the 1977 International Emergency Economic Powers Act (IEEPA) to impose tariffs. The Rationale: Chief Justice John Roberts wrote that the IEEPA "does not authorize the President to impose tariffs," noting that if Congress intended to grant such extraordinary power, it would have done so explicitly. Impact: The ruling invalidated many of Trump's previous "Liberation Day" tariffs, though it did not affect sector-specific duties on steel and aluminum. Trump's Respons...