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Tariff Regime in Flux as Trump Replaces Struck-Down IEEPA Levies With 10–15% Section 122 Duties

Following a Supreme Court ruling that invalidated President Trump's broad emergency tariffs imposed under IEEPA, the administration swiftly replaced them with a 10% across-the-board import duty under Section 122 of the Trade Act of 1974, with U.S. Trade Representative Jamieson Greer confirming the rate will rise to 15% for certain trading partners. The legal and economic uncertainty is reverberating across equity, commodity, and currency markets.

Trump Imposes 10% Global Tariff Under Section 122, Rattling Markets and Prompting EU Warning

President Donald Trump has activated a 10% blanket tariff on imports from virtually every country under the rarely invoked Section 122 of U.S. trade law, following the Supreme Court's decision to strike down his earlier reciprocal tariff regime. The European Commission responded swiftly, warning that the new levies are not conducive to fair transatlantic trade and threatening retaliatory measures, sending major U.S. equity indexes sharply lower before a partial recovery on Tuesday.

Trump Imposes 15% Global Tariff After Supreme Court Voids Reciprocal Trade Barriers

President Donald Trump escalated trade tensions Monday by invoking Section 122 of the Trade Act of 1974 to impose a blanket 15% tariff on all imports, one day after the Supreme Court ruled 6-3 that his reciprocal tariffs exceeded executive authority under the International Emergency Economic Powers Act. Major trading partners, including the European Union, warned that the new levies could jeopardize previously negotiated trade agreements, sending U.S. equity futures sharply lower and driving safe-haven assets higher.

U.S. Business Activity Growth Slows Significantly in February, Signals Economic Softening

New data from S&P Global shows that U.S. business activity expanded at the slowest pace in nearly a year in February, reflecting reduced manufacturing orders and slower services growth. While the economy remains in expansion territory, the slowdown could weigh on sentiment and corporate investment plans if the trend persists, particularly in cyclical sectors tied to industrial production and hiring.

Tax Foundation Report Confirms Tariffs as Largest Tax Hike Since 1993, Weighing on 2026 Outlook

A comprehensive analysis released today by the Tax Foundation reveals that the cumulative impact of recent US tariffs represents the largest tax increase as a share of GDP in over three decades. The report estimates an average annual burden of $1,300 per US household in 2026, with businesses and consumers bearing nearly 90% of the costs. This structural drag is increasingly reflected in the downward revision of earnings guidance across the industrial, consumer discretionary, and healthcare sectors.