Trump imposes 10% Section 122 global tariff to replace struck-down IEEPA duties

After the Supreme Court ruling, the administration issued Proclamation 11012 under Section 122 of the Trade Act of 1974, adding a 10% tariff on imports from most countries. It took effect February 24, 2026 and was set to expire July 24 unless Congress extended it. The administration said it would raise the rate to 15%, but the 10% rate is the one that formally took effect.

• Rate: 10% global surcharge, effective February 24, 2026
• Statutory limit: 150 days, expiring July 24, 2026 without Congress
• Exemptions include energy, certain critical minerals, pharmaceuticals and USMCA-qualifying goods