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News of the Day February 24, 2026
President Trump’s Global Tariff Takes Effect Today at a 10% Rate
President Donald Trump’s reworked global tariffs began Tuesday at a rate of 10%, even though he said over the weekend that they would start at 15%.
Under the trade law the administration is now turning to, called Section 122, tariffs of up to 15% can be quickly applied, but only for up to 150 days.
As a result of the renewed uncertainty, the E.U. earlier Monday froze implementation of a massive trade deal with Trump last summer.
Other trading partners, such as India, China, Switzerland and the United Kingdom, are also considering what to do. Most of the trade framework deals the Trump administration and foreign trading partners reached since early last year have been under the International Emergency Economic Powers Act, the 1977 law the Supreme Court said Trump improperly used when he imposed sweeping tariffs last year