Tue, 24 Feb 2026

Tue, 24 Feb 2026 Trump's new tariff comes into effect at lower than expected rate

The global levy comes in at 10%, lower than the rate the president had threatened at the weekend.

* US President Donald Trump's new global tariffs have come into effect at a lower rate than initially announced, with a 10% rate applied despite a pledge to introduce it at 15%.
* The administration is applying the levy under Section 122 of the 1974 Trade Act, which allows the president to impose a temporary import duty without congressional approval.
* The tariffs are intended to "address fundamental international payments problems" and rebalance trade relationships to benefit American workers, farmers, and manufacturers.
* Experts have raised doubts about the likelihood of the US handing out refunds for previously imposed IEEPA tariffs, with Trump saying the issue would be fought in the courts for years to come.
* Businesses are concerned about the uncertainty caused by the changing tariff rates and potential retaliation from trading partners.
* The UK's Business and Trade Secretary Peter Kyle said he was confident that the basic 10% tariff deal reached by the UK and US would still stand, but the European Union has suspended its ratification of a deal struck over the summer.
* India has also announced it will defer previously scheduled talks to finalise a recent agreement following the US Supreme Court ruling.
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