A monumental weekend for Donald Trump’s trade agenda has transformed the global trading picture, after the President announced a sweeping 15 percent tariff on imports from around the world.
President Trump responded furiously to a ruling by the US Supreme Court that his so-called Liberty Day tariffs were unlawful, denouncing the majority judgement as misguided and unpatriotic.
Within hours of the decision, he invoked a different legal mechanism: Section 122 of the Trade Act 1974, imposing a 10 percent worldwide import surcharge, under the provision.
The new tariff is due to come into force on 24 February 2026 and may remain in place for up to 150 days without approval from Congress. Any extension would require congressional backing — a doubtful prospect after a recent vote in the House of Representatives rejected certain tariffs Trump had sought to apply to Canada.
The 15 per cent measure followed a 6–3 Supreme Court ruling upholding a lower court’s finding that Trump had improperly relied on the International Emergency Economic Powers Act (IEEPA) to justify the Liberty Day duties.
The Court concluded that the statute did not grant the President authority to impose such wide-ranging tariffs. However, duties introduced under alternative legal frameworks — including those on steel, aluminium and motor vehicles — remain in place.
Questions also surround the fate of revenues already collected under the invalidated tariffs. Estimates indicate potential refunds of between $130 billion and $175 billion. With no automatic repayment scheme and more than 1,000 importers pursuing legal claims, businesses may face protracted litigation.
The UK’s situation seems to be unchanged. A UK government spokesperson stated that they expect the UK’s 10% trade deal to continue, while US Trade Representative Jamieson Greer said that the US will continue to honour tariff agreements it has already finalised with a number of countries around the world, including the UK.