Trump Strikes Back with February 24 Global Tariff Move

Just hours after the Supreme Court blocked his emergency tariff authority, President Trump has moved swiftly to advance his trade agenda through an alternative legal channel. During remarks on February 20, the President announced a sweeping 10% global tariff on all imports, set to take effect on February 24, 2026. This move represents Trump’s aggressive response to the judicial setback and demonstrates his determination to reshape American trade policy.

Section 122: A Different Legal Pathway

Rather than abandon his tariff objectives, Trump has activated a separate statutory provision to execute his plan. The strategy pivots to Section 122 of the Trade Act of 1974, which grants the President authority to impose temporary import surcharges—up to 15% for a 150-day period—to address “balance-of-payments” deficits. This legal framework operates independently from the emergency powers that the Supreme Court invalidated, allowing Trump to sidestep the court’s constraints.

The new 10% tariff will layer atop existing duties. This means importers will face the additional 10% charge alongside any current levies on steel, aluminum, semiconductors, and other products. The tariff takes effect at 12:01 AM Eastern Time on Tuesday, February 24, marking an immediate implementation.

According to White House guidance, certain sectors will receive temporary relief. Critical minerals, energy commodities, and select fertilizers have been identified for potential exemptions. Additionally, a temporary carve-out has been extended to Canada and Mexico under the North American trade framework, though details on scope and duration remain limited.

Trump’s Forceful Response to the Court

The President did not restrain his criticism of the Supreme Court’s 6-3 decision against his emergency authority. He characterized the ruling as “ridiculous” and “deeply disappointing,” further asserting that the majority justices were “swayed by foreign interests.” Trump went on to label the justices in the majority as “lap dogs” serving his political opponents.

However, Trump praised the three dissenters—Kavanaugh, Alito, and Thomas—for what he described as their “strength and wisdom” in defending his executive powers. This split decision, with two of Trump’s own appointees siding against him, underscores the complexity of the court’s internal dynamics on presidential authority in trade matters.

Market Sentiment: Uncertainty Takes Center Stage

Financial markets are navigating conflicting signals. The Supreme Court’s restraint on Trump’s emergency powers initially provided some relief, with Bitcoin (BTC) rising toward $68,000 on the court decision. However, as the announcement of the new 10% tariff materialized, market optimism waned. Bitcoin has since retreated to around $65,530 as of late February, reflecting investor concerns about the escalating trade tensions and their broader macroeconomic implications.

The crypto and broader asset markets face a period of heightened uncertainty. Investors are weighing the durability of Trump’s Section 122 strategy against potential legal challenges, while also assessing the economic ramifications of an across-the-board tariff on global commerce. The coming weeks will test whether markets can find stability amid this shifting policy landscape.