Finance
New US tariffs come in at lower 10% rate
Published by Global Banking & Finance Review®
Posted on February 24, 2026
3 min readLast updated: February 24, 2026
Tags:Global trade
Quick Summary
The US imposed a 10% global tariff effective Feb 24 on most imports not exempted, after a Supreme Court ruling voided emergency levies. CBP guidance confirms 10% now, with a possible rise to 15% later.
U.S. Implements 10% Global Tariff, Lower Than Previously Indicated
Details and Legal Basis of the 10% Tariff
Feb 24 (Reuters) - The United States imposed an additional tariff from Tuesday of 10% on all goods not covered by exemptions, a notice issued by U.S. Customs and Border Protection said, the rate initially announced by President Donald Trump on Friday rather than the 15% he promised a day later.
Reacting to the Supreme Court ruling that threw out his tariffs that had been justified on grounds of an emergency, Trump initially announced a new temporary global tariff of 10%. He said on Saturday he would increase it to 15%.
Products Excluded from the Levy
Exemptions and Scope
In a notice described as intended to "provide guidance regarding the February 20, 2026 Presidential Proclamation," CBP said that, aside from products specified as subject to exemptions, imports would "be subject to an additional ad valorem rate of 10%".
Rate Confusion and Policy Signals
The move added to confusion surrounding U.S. trade policy, with no explanation offered for why the lower rate had been used. The Financial Times quoted a White House official saying the increase up to 15% would come later. Reuters could not immediately confirm this.
Collection Timing and Halted Levies
Collection of the new tariffs began at midnight, while the collection of the tariffs annulled by the Supreme Court was halted. They had ranged from 10% to as much as 50%.
Duration and Cap: Up to 15%
How Section 122 Works (150-Day Limit)
The Section 122 law allows the president to impose the new duties for up to 150 days on any and all countries to address "large and serious" balance-of-payments deficits and "fundamental international payments problems."
Administration’s Stated Rationale
Trump's tariff order argued that a serious balance of payments deficit existed in the form of a $1.2 trillion annual U.S. goods trade deficit and a current account deficit of 4% of GDP and a reversal of the U.S. primary income surplus.
On Monday Trump warned countries against backing away from recently negotiated trade deals with the U.S., saying that if they did, he would hit them with much higher duties under different trade laws.
International Responses: Japan, EU, UK
Japan said on Tuesday it had asked the United States to ensure its treatment under a new tariff regime would be as favourable as in an existing agreement. Both the European Union and Britain have indicated they want to stick to deals already agreed.
(Writing by Mark JohnEditing by Peter Graff)
Key Takeaways
- •CBP guidance confirms a 10% additional tariff on non‑exempt imports effective Feb 24, 2026.
- •Trump first announced 10%, then floated 15% a day later; the White House suggests 15% may come later.
- •A Supreme Court ruling voided earlier emergency‑based tariffs; collection of those was halted.
- •The new levy relies on Section 122, which permits up to 15% for a maximum of 150 days to address balance‑of‑payments issues.
- •Japan sought favorable treatment under the new regime, while the EU and UK indicated they plan to stick to existing deals.
Frequently Asked Questions about New US tariffs come in at lower 10% rate
1What is the main topic?
The article covers the United States imposing a new 10% global tariff on non‑exempt imports, following a Supreme Court ruling that invalidated earlier emergency‑based tariffs.
2When do the tariffs take effect and how long can they last?
Collection began at midnight on Feb 24, 2026. Under Section 122, the surcharge can run for up to 150 days unless modified, extended by Congress, or terminated earlier.
3Will the rate increase to 15%?
The current rate is 10%. A White House official indicated a move to 15% could come later, but CBP guidance and the proclamation implement 10% for now.
