U.S. President Donald Trump announced that he has signed an executive order approving a 10 percent customs tariff on all countries. The tariffs will remain in effect for 150 days.
Following a ruling by the Supreme Court of the United States that struck down certain tariffs, Trump stated that he had signed a presidential decree imposing a 10 percent customs duty on all countries.
In a statement shared on Truth Social, Trump said:
“It is a great honor to sign in the Oval Office a global 10 percent tariff to be applied to all countries; this tariff will take effect almost immediately.”
According to a statement from the White House, the new tariffs introduced by Trump will enter into force on February 24 and remain in effect for 150 days.
What Is the Latest Situation on Tariffs?
After the Supreme Court invalidated tariffs imposed by Trump and following his latest announcement, the structure of U.S. customs duties has changed.
The Court had annulled the tariffs introduced under the International Emergency Economic Powers Act (IEEPA), a law enacted in 1977 during the presidency of Jimmy Carter, which Trump had relied upon.
However, tariffs based on Section 232 of the Trade Expansion Act of 1962, as well as Sections 122 and 301 of the Trade Act of 1974, remained in force.
The newly signed executive order adding a global 10 percent tariff is based on Section 122 and will be applied for a maximum period of 150 days.