Trump imposes 10% global tariff in bid to salvage trade plans
Fortune
by Courtney Subramanian, Kate Sullivan, BloombergFebruary 21, 2026
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President Donald Trump has taken a significant step to salvage his trade agenda by imposing a 10% global tariff on foreign goods, effective almost immediately. This move comes after the U.S. Supreme Court invalidated many of the tariffs he implemented last year, which were based on the International Emergency Economic Powers Act. Trump’s new executive order, signed Friday, relies on Section 122 of the Trade Act of 1974, granting him unilateral authority to impose tariffs for up to 150 days. Beyond this period, Congress would need to approve any extension.
The president emphasized that this new baseline tariff rate will remain in place while he continues to pursue additional trade investigations under Section 301 and Section 232 of U.S. trade law. These sections allow for country-specific probes to determine if a nation has violated trade agreements or engaged in practices that harm American trade interests. Trump also hinted at potentially replacing the
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Originally published on Fortune on 2/21/2026