Trump Raises Global Tariffs from 10% to 15%

On February 21, US President Trump announced that the new 10% tariffs on all countries, scheduled to take effect soon, would be raised to 15%. He also stated that he would “determine new tariffs within the bounds of the law” in the coming months, reiterating his intention to introduce additional tariffs on top of the current round.

Trump announced the tariff increase via his social media on the morning of February 21. He stated it would “take effect immediately,” but the initial 10% tariffs themselves have not yet officially taken effect.

On February 20, Trump responded to the US Supreme Court’s ruling that the reciprocal tariffs and the fentanyl tariff were unconstitutional and invalid, announcing a new 10% tariff on all imported goods for 150 days, pursuant to Section 122 of the Trade Act of 1974.

According to the proclamation signed by Trump on February 20, the new tariffs will take effect at 00:01 AM Eastern Time on February 24. Whether the tariff rate will be set directly at 15%, or implemented at 10% initially and then increased to 15%, remains unclear.

Section 122 aims to address severe balance of payments deficits, authorizing the U.S. government to impose tariffs up to a 15% cap without requiring congressional approval.

As is customary, when initiating tariff measures, U.S. Customs will issue detailed implementation rules to importing companies. However, as of the early morning of February 21, U.S. Customs only stated that it would “release relevant details as soon as possible.”