US President Trump signs 10% global tariff order under Section 122 of Trade Act 1974 effective 24 Feb.

Key facts

• US President Donald Trump signed a 10% global tariff order under Section 122 of the Trade Act 1974, effective 12:01 a.m. ET on 24 February.
• The new levy applies for up to 150 days and requires Congressional approval for extension.
• The Supreme Court of the United States (SCOTUS) ruled 6–3 that Trump exceeded authority by using the International Emergency Economic Powers Act (IEEPA) to impose broad-based import tariffs.
• The IEEPA tariffs of 10% to 50% were declared illegal as the 1977 statute does not explicitly authorise duties.
• Twelve US states—Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, New York, Oregon and Vermont—joined legal challenges against the IEEPA tariffs.
• The Congressional Budget Office estimated maintaining the tariffs could have an economic impact of roughly $3 trillion over the next decade.