A 10% global tariff took effect under new legal grounds, targeting trade imbalances, with potential rate hikes and ongoing uncertainty.

A 10% global import tariff took effect on February 24, 2026, replacing Supreme Court-invalidated tariffs under a new legal basis, Section 122 of the Trade Act of 1974. President Trump aims to raise it to 15%, but no formal order has been issued, creating uncertainty. The tariff, lasting 150 days, applies to nearly all imports and is projected to cost the average household $800. Markets reacted with initial declines followed by gains. The U.S. has assured allies like the EU, Japan, Britain, and Taiwan that existing trade deals will be honored. Economists question the economic justification, and legal challenges remain possible. The 150-day period could be extended, prolonging trade uncertainty.