CryptoTyrone

WASHINGTON, D.C. — In a day of high-stakes legal and economic maneuvering, President Donald Trump has signed a new proclamation imposing a 10% temporary global tariff on nearly all imports. The move, announced late Friday, February 20, 2026, serves as a direct "workaround" to a landmark Supreme Court ruling that struck down his administration's previous tariff regime just hours earlier.
The SCOTUS Blow: IEEPA Authority Rejected
The chaos began Friday morning when the U.S. Supreme Court ruled 6-3 in V.O.S. Selections and Learning Resources v. Trump that the President does not have the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA) of 1977.
Chief Justice John Roberts, writing for the majority, stated that the power to tax imports is a branch of the taxing power reserved for Congress under Article I of the Constitution. The ruling immediately invalidated the administration's "Reciprocal Tariffs" and "Trafficking/Fentanyl Tariffs," which had pushed effective tax rates on many goods as high as 50%.
> "The Supreme Court’s decision is a disgrace to our nation," President Trump said during a heated afternoon press briefing. "But we will not be deterred. We have other authorities, and we are using them starting tonight."
>The Pivot: Section 122 of the Trade Act
By Friday evening, the President invoked a rarely used tool: Section 122 of the Trade Act of 1974. This statute allows the President to address "large and serious balance-of-payments deficits" by imposing temporary import surcharges.
The Details of the New Proclamation:
* The Rate: A flat 10% ad valorem duty on most global imports.
* Effective Date: Tuesday, February 24, 2026, at 12:01 a.m. EST.
* Duration: Valid for 150 days (approximately 5 months). Under Section 122, any extension beyond this period requires Congressional approval.
* Exemptions: The White House listed several "critical" categories that will escape the 10% tax, including:
* Critical minerals and energy products.
* Pharmaceuticals and medical ingredients.
* Specific agricultural goods (beef, tomatoes, oranges).
* Passenger vehicles and certain electronics.
* Goods from Canada and Mexico (to remain in compliance with USMCA).
What Remains in Place?
While the SCOTUS ruling wiped out the IEEPA-based tariffs, it did not affect several other key trade measures:
* Section 232 Tariffs: Steel (50%) and Aluminum (50%) duties remain in force as they are based on "National Security" authority.
* Section 301 (China) Tariffs: Most duties targeting Chinese "unfair trade practices" remain active.
* De Minimis Crackdown: A separate Executive Order signed Friday continues the suspension of duty-free treatment for low-value shipments (under $800), meaning "fast-fashion" packages from sites like Shein or Temu will now face the 10% surcharge.
The Economic Fallout
The immediate impact is a "tariff whiplash" for American businesses. Before Friday’s ruling, the average effective tariff rate sat at roughly 19.6%. While the ruling briefly dropped that rate to 9.1%, the new Section 122 proclamation will bring it back up to an estimated 13.0%.
Retailers and tech companies are already preparing for a chaotic Tuesday. "It's a bumpy ride," said one trade lawyer. "We went from 20% to 9% to 13% in the span of twelve hours. Supply chains can't move that fast."
Meanwhile, a $133 billion question looms: Companies that paid the now-"illegal" IEEPA tariffs are already lining up for massive refunds from the U.S. Treasury, a process that could take years to resolve.

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