Finance
Winners and Losers From Trump's New 15% Global Tariff
Published by Global Banking & Finance Review®
Posted on February 23, 2026
2 min readLast updated: April 2, 2026
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Published by Global Banking & Finance Review®
Posted on February 23, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleAfter the Supreme Court struck down Trump’s emergency tariffs, he moved to a flat 15% global tariff. Our analysis maps likely winners and losers and flags uncertainty around UK, EU and Japan trade deals.
Feb 23 (Reuters) - The U.S. Supreme Court annulment of President Donald Trump's "reciprocal" tariffs justified on national emergency grounds and Trump's subsequent move to impose a temporary 15% global tariff have thrown world trade into a new bout of confusion.
For some countries - notably China and Brazil - the new 15% baseline is substantially lower than the U.S. tariffs they had been dealing with.
But for the couple of dozen countries that had sought to avoid the impact of the reciprocal tariffs by clinching bilateral deals with the United States - Britain, the European Union and Japan among them - the question now is whether those deals will stick.
Both the EU and Britain have signalled a desire to retain those deals. However, some commentators argue the U.S. Supreme Court ruling, by annulling the legal basis for the reciprocal tariffs that they sought to avoid, also raises questions over whether the deals themselves will stay in place.
Below is a chart setting out potential winners and losers from the new 15% global tariff, comparing it to the level trading partners were dealing with before the court ruling.
(Graphic by P.K. Dutta; Writing by Mark John; Editing by Anil D'Silva)
Reuters reports on the fallout from a U.S. move to a flat 15% global tariff after a Supreme Court ruling, outlining potential winners and losers and the status of existing trade deals.
The Supreme Court annulled many tariffs imposed under emergency powers, so the administration pivoted to a uniform 15% rate under a different legal authority while it reassesses trade policy.
Countries that previously faced higher ‘reciprocal’ rates—such as Brazil and China—may see lower effective tariffs, improving export competitiveness relative to the prior regime.
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