'Effective from February 24': All you need to know about Trump's new 10% global tariffs
Times of India
by TOI BUSINESS DESKFebruary 21, 2026
AI-Generated Deep Dive Summary
US President Donald Trump has announced a new 10% temporary import surcharge on most goods entering the United States, effective from February 24. This move follows a Supreme Court ruling that invalidated previous tariffs, prompting Trump to invoke emergency powers under Section 122 of the Trade Act of 1974. The measure aims to address what the administration describes as critical balance-of-payments issues, including a $1.2 trillion goods trade deficit and a negative net international investment position.
The tariffs will apply to most imported goods but include significant exemptions based on economic necessity and national interest. These exemptions cover critical minerals, certain agricultural products, pharmaceuticals, energy resources, and goods compliant with US trade agreements like the USMCA and CAFTA-DR. The
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Originally published on Times of India on 2/21/2026