Monday, February 23

Trump raises ‘global’ tariff to 15%; US to stop collecting duties deemed illegal


On Monday, the US Customs and Border Protection agency said that it will stop all collections of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) as of 12:01 a.m. EST on Tuesday.

The agency said in a message to shippers on its Cargo Systems Messaging Service that it will deactivate all tariff codes associated with President Trump’s IEEPA-related ‌orders.

The move is part of the fallout from the Supreme Court’s ruling invalidating a broad swath of Trump’s second-term tariff program, scrambling the US trade landscape just over one year into Trump’s second term.

Trump has spent the last several days attacking the high court in response, particularly the justices in the majority, who he said were a “disgrace to our nation.” He hinted that the administration would pursue alternative methods toward implementing its trade goals.

His first move: Imposing a “global tariff” under Section 122 of the Trade Act of 1974. That statute allows the president to impose tariffs of up to 15% for up to 150 days to address trade deficits. After 150 days, Congress would need to approve any extension. That authority, however, has never been used to impose tariffs.

The president signed an executive order late Friday imposing the 10% tariffs under Section 122. Then on Saturday, he raised the levy to 15%.

The decision will have wide-ranging ramifications, affecting global trade, consumers, companies, inflation and the pocketbooks of every American. In recent weeks, Trump has already made plans to roll back some tariffs on metals, including on steel and aluminum goods, as he and his administration seek to battle an affordability crisis ahead of the midterm elections.

The SCOTUS ruling also raised the question of refunds, which could return over $100 billion to importers in the months ahead.

Read more: What Trump promised with his ‘Liberation Day’ tariffs — and what he delivered

LIVE 161 updates

  • US to stop collecting tariffs deemed illegal by Supreme Court on Tuesday

    The US Customs and Border Protection agency said that it will stop all collections of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) as of 12:01 am EST on Tuesday.

    This latest move comes just days after the US Supreme Court struck down President Trump’s tariffs, declaring them illegal and finding that the president overstepped his authority when he enforced them, saying he should have gone to Congress first.

    The Supreme Court’s decision to strike down Trump’s tariffs has caused a ripple effect across markets, with stocks, gold, bitcoin, and oil all affected by the fallout. The question also remains whether the Trump administration will have to repay the billions in tariff revenue it collected as part of its “Liberation Day” tariffs.

    Some countries have said they will stick to the tariff deals they agreed with the US, but experts believe that the SCOTUS decision could provide leverage for some of the US’s biggest trading partners, such as China, India and the EU.

    Reuters reports:

    Read more here.

  • Early winners and losers emerge as Trump revamps his tariff regime

    As President Trump moves to a “one size fits all” 15% tariff for 150 days, it’s creating clear winners and losers among nations transitioning to a new US tariff regime.

    Yahoo Finance’s Ben Werschkul reports:

    Read more here.

  • EU lawmakers postpone vote on US trade deal after tariff upheaval

    European Union lawmakers delayed ratification of the trade deal between the United States and the EU on Monday after the Supreme Court struck down President Trump’s blanket tariffs and the president’s subsequent 15% tariff announcement shook up the trade landscape.

    Reuters reports:

    Read more here.

  • Jenny McCall

    Trump pegs new tariffs to a payments crisis that experts doubt exists

  • Jenny McCall

    Switzerland says still aiming for legally-binding trade deal with US

  • Jenny McCall

    The biggest loser from Trump’s new tariffs could be Britain

  • Jenny McCall

    Xi gains leverage before Trump summit after tariff reversal

    With President Trump due to head to Beijing on March 31, its believed that Chinese President Xi Jinping may seek to negotiate the tariff deal the two nations have following the US Supreme Courts decision on Friday to strike Trump’s tariffs down.

    The court’s decision has given Beijing some leverage, especially now that Trump is unable to raise tariffs.

    Bloomberg news reports:

    Read more here.

  • Jenny McCall

    Markets roundup: Stocks, dollar, gold, bitcoin, and oil

    The fallout from President Trump’s tariff defeat on Friday has gone far and wide, and the markets have started to react to the news.

    Stocks: US stock futures slipped on Monday as Wall Street digested the latest news on Trump’s tariff defeat. Dow Jones Industrial Average futures (YM=F) dropped 0.3%. Contracts on the S&P 500 (ES=F) fell roughly 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) sank 04%.

    Chinese stocks got a boost from tariffs, as investors weighed the impact on the current deal the US has with China and whether China’s leader Xi Jinping would seek to renegotiate it. The Hang Seng index (^HSI) closed 2% up on Monday.

    US dollar: The dollar (DX=F) fell on Monday, trading 0.1% lower.

    Gold: Gold (GC=F) futures rose 1%, and silver (SI=F) gained 4% as investors poured into safe-haven assets following Trump’s tariff defeat.

    Bitcoin: Bitcoin (BTC-USD) fell below $66,000 and was down 3% on Monday.

    Oil: Brent (BZ=F) and West Texas Intermediate (CL=F) both fell 0.7% on Monday.

  • Jenny McCall

    China, India among winners after US court blocked Trump tariffs

  • EU says ‘a deal is a deal’, rejects Trump’s higher tariff proposal

    The European Commission has published a reply to Trump‘s 15% global tariffs, issued following the Supreme Court ruling that Trump did not act with legal authority when shaking up global trade at the start of his second term.

    Reuters reports:

    Read more here.

  • Lagarde says US tariffs create uncertainty: ‘You want to know the rules of the road before you get in the car’

    European Central Bank President Christine Lagarde said Sunday that the latest tariff moves by the Trump administration put at risk the terms negotiated in a trade agreement between the EU and US, and create uncertainty for the EU economy.

    Read more here

  • UK may have lost its unique trade status with the US after SCOTUS tariff ruling

    The UK had a trade deal with President Trump that was more favorable than other countries’ trade agreements with the US. But in the aftermath of the Supreme Court’s ruling that Trump does not have the authority to levy tariffs under the International Emergency Economic Powers Act (IEEPA), the UK’s status is uncertain, Bloomberg reports.

    Read more here

  • India pauses plan to send trade delegation to US after SCOTUS tariffs ruling

    A planned trade meeting between India and the US has been put on hold after the US Supreme Court decision struck down most of President Trump’s tariffs, Reuters reported. India had planned to send a delegation to Washington, D.C. this week.

    Read more here

  • China in ‘much stronger bargaining position’ after SCOTUS tariffs ruling

    Friday’s Supreme Court ruling that President Trump doesn’t have the authority to levy tariffs under the International Emergency Economic Powers Act (IEEPA) gives China’s president Xi Jinping new leverage ahead of talks next month, Bloomberg reports:

    Read more here

  • US says no countries with tariff deals have said they plan to withdraw

    The same day EU Parliament trade chief proposed freezing the bloc’s trade deal with the US amid tariffs “chaos,” US Trade Representative Jamieson Greer said Sunday no countries have indicated they plan to withdraw from trade deals.

    In a 6-3 vote on Friday, the US Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to levy tariffs.

    Bloomberg reports:

    But Greer, speaking on ‌CBS’s “Face the Nation” program Sunday, said he had spoken with his EU counterpart and ‌would be ​speaking with officials ​from ​other countries, Reuters reported.

    “I haven’t ‌heard anyone yet come ​to ​me and say the deal is off,” Greer ​said.

    After signing an order late Friday implementing a 10% global tariff, Trump said ​Saturday he would raise ‌it to ⁠15%, effective at 12:01 a.m. Feb. 24. The president claimed authority under IEEPA to implement the new global tariff under Section 122 of the Trade Act of 1974.

    That statute allows the president to impose tariffs of up to 15% for up to 150 days. After that time, Congress would need to approve any extension. And that authority, how, has never been used to impose tariffs.

  • ‘We don’t want to be some sort of hostage’: EU considers response to latest Trump tariffs

    France’s trade minister on Saturday said the European Union has the tools to respond to President Trump’s latest round of tariffs, the Financial Times reported. Nicolas Forissier saiad EU members should take a “united approach” to the extra levies — now at 15% — that Trump announced a day after a Supreme Court decision invalidated most of his previous tariffs.

    Read more here

  • Trump ups the ‘global’ tariff rate from 10 to 15%

    After signing an order late Friday implementing a 10% global tariff, President ‌Trump said ​on Saturday he will raise ‌it to ⁠15%.

    Trump said in a press briefing on Friday that his administration would place a “10% global tariff … over and above the normal tariffs already being charged” now that the Supreme Court has struck down his wide-sweeping tariff regime.

    On Saturday, Trump said on social media he as raising the levy “to the fully allowed, and legally tested, 15% level.”

    In a 6-3 vote on Friday, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to levy tariffs, dealing a blow to the Trump administration’s signature economic policy.

    The high court’s ruling, Trump said at the briefing, was “deeply disappointing.”

    The tariff, which Trump ordered in a Friday directive, is set to take effect Feb. 24 at 12:01 a.m. Washington time, according to a fact sheet released by the White House.

    Read more here

  • Trump to visit China next month in wake of SCOTUS tariff ruling

    President Trump will travel to China next month for a highly anticipated meeting between the leaders of the world’s two biggest economies, Reuters reported:

    Read more here

  • Trump signs executive order implementing 10% ‘global’ tariffs

    President Trump followed through on his threat to impose 10% ‘global’ tariffs after his levies were largely struck down by the Supreme Court on Friday, Bloomberg reports.

    Read more here

  • Ben Werschkul

    ‘It will not be automatic or immediate’: Companies brace for a messy tariff refund process

    Friday’s landmark Supreme Court ruling struck down President Trump’s blanket tariffs but left open a key question around whether companies that already paid the duties will be able to get refunds.

    The court’s majority opinion was silent on that top-of-mind issue for companies, while President Trump signaled that he wouldn’t give tariff refunds willingly.

    “I guess it has to get litigated for the next two years,” the president said as he declined to respond directly to a question of whether he would honor refunds for companies that file for them.

    “It would have been a simple matter for the president to assure American taxpayers who carried this billions-of-dollar burden to commit to returning the funds that were unlawfully levied,” said Erik Smithweiss, a partner focused on trade issues at the firm GDLSK, in an interview Friday afternoon.

    “The notion that American taxpayers have to now litigate to get back money that the government illegally collected is unfortunate,” he added.

    The process ahead is murky, likely requiring plenty of legal wrangling as the refund issue now appears headed to lower courts, in particular the US Court of International Trade (CIT).

    That three-judge panel previously ruled in 2025 that Trump’s blanket tariffs were illegal, a ruling that the Supreme Court upheld Friday.

    The Penn Wharton Budget Model laid out the stakes, saying that reversing these tariffs may generate up to $175 billion in refunds. The group added that, unless the duties are replaced by another source, future tariff revenue collections could also fall by half.

    Read more here.



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