Global Tariffs Surge to 15% Following Supreme Court Verdict: Trump’s Announcement
President Donald Trump made a startling announcement on Saturday, February 22, 2026. He declared an increase in global tariffs from 10% to 15%. This decision came less than 24 hours after the implementation of the lower rate. The change was a response to a Supreme Court ruling that invalidated his previous tariff regime.
The Supreme Court, in a 6-3 ruling on Friday, deemed Trump’s use of the International Emergency Economic Powers Act (IEEPA) to impose extensive tariffs as unconstitutional. The court stated that the power to tax is a prerogative of Congress alone. In retaliation, Trump invoked Section 122 of the Trade Act of 1974. This act permits the president to impose temporary tariffs of up to 15% for a maximum of 150 days to address balance-of-payments deficits.
The new 15% tariff came into effect at 12:01 a.m. on Monday, February 24, 2026. It applies to approximately $1.2 trillion worth of annual imports. The tariff will lapse after 150 days unless Congress approves an extension. Major U.S. stock indices took a hit on Monday due to the tariff uncertainty. The Dow Jones Industrial Average plummeted by 821 points (1.66%), the S&P 500 declined by 1.04%, and the Nasdaq fell by 1.13%.
The European Union cautioned that the tariffs could put transatlantic trade deals at risk. Meanwhile, gold prices soared past $5,100 per ounce as investors sought safe-haven assets. The abrupt change also undermines several trade deals Trump had previously negotiated, including an agreement with the United Kingdom that set a 10% tariff rate.
Source: CNBC