Trump’s New 15 Percent Global Tariffs Take Effect

President Donald Trump’s new global 15 percent tariffs took effect at midnight on Feb. 24. The Supreme Court ruled last week that the International Emergency Economic Powers Act—also known as IEEPA—did not grant him the power to impose tariffs on U.S. trading partners. This decision overturned a large swath of import duties, particularly the reciprocal tariffs spotlighted in April 2025. Shortly after the high court’s decision, the president unveiled across-the-board tariffs of 10 percent through a Feb. 20 executive order invoking Section 122 of the Trade Act of 1974. This measure authorizes new tariffs of up to 15 percent for 150 days to address “large and serious balance-of-payments deficits.” He will then need to seek congressional approval to extend these higher import duties....