Trump's 10% Global Tariff Takes Effect

President Donald Trump's global tariffs of 10% took effect today after his earlier promise of a 15% hike in tariffs.

The Details: After the Supreme Court ruling last week that the International Emergency Economic Powers Act (IEEPA) did not grant Trump the power to impose tariffs on trading partners, he then issued a proclamation involving Section 122 of the Trade Act of 1974, which allows Trump to authorize new tariffs up to 15% for 150 days in cases of "large and serious balance-of-payments deficits." He will need congressional approval to extend these higher import duties. 

Key Quote: "I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been "ripping" the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level," Trump wrote on his Truth Social platform Feb. 21.

For Context: Trump had announced over the weekend that he would raise tariffs by 15%, but Customs and Border Protection (CBP) released a notice on Monday night that indicated a 10% hike. On Monday, he European Union suspended its planned vote on a US trade deal after Trump's announcement that the rate would raise to 15%.

How The Media Covered It: Trump's announcement was not covered much on the right, though The Epoch Times (Lean Right bias) did report that the 10% hike did not ease trade uncertainty and that many companies are requesting refunds. NBC News (Lean Left) also noted market uncertainty and that the Trump administration is reportedly working on a separate order that would raise tariffs to 15%, but no timeline was given for Trump's signature.

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