- Following a Supreme Court ruling against IEEPA tariffs, President Trump issued an Executive Order terminating all IEEPA-based tariffs and a Presidential Proclamation imposing a new 10% temporary import surcharge on all imports, effective February 24, 2026, for 150 days.
- The new tariff is based on Section 122 of the Trade Act of 1974 and includes exemptions for certain goods, such as those qualifying under the US-Mexico-Canada Agreement, specific civil aircraft, and products under Section 232 tariffs.
- Further actions may be taken by President Trump under different trade authorities, including Section 301 of the Trade Act of 1974 or Section 232 of the Trade Expansion Act of 1962, as he seeks to address international trade issues stemming from the Supreme Court’s decision.
Source Deloitte
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