Following the Supreme Court’s February 2026 decision striking down his initial tariff policy, President Trump has moved to increase a new global tariff rate to 15%. This shift utilizes Section 122 of the Trade Act of 1974, a rarely-used provision that allows the president to impose temporary duties for up to 150 days to address “serious balance-of-payment deficits.” By raising the rate from 10% to 15%, Trump has reached the maximum authority permitted under this specific statute without further congressional approval. To ensure economic stability, the administration has maintained exemptions for critical sectors such as pharmaceuticals, energy, and certain electronics.
Date: February 21, 2026. Source: politico.com