President Donald Trump recently announced a new 10% tariff on imports from around the world, effective February 24, 2026. This “temporary” measure, lasting up to 150 days, comes right after a Supreme Court ruling blocked some of his earlier tariffs, aiming to protect American workers and businesses without needing Congress right away.
Why Now?
The Supreme Court said Trump couldn’t use emergency powers for broad tariffs on everything from cars to clothes. In response, he turned to Section 122 of a 1974 trade law, keeping existing duties on steel, cars, and items from countries like China (under Sections 232 and 301). Exemptions shield everyday essentials: USMCA goods from Canada and Mexico, plus energy, medicines, farm products, and some auto parts—think no big jumps on gas, prescriptions, or groceries from neighbors. Trump calls it a win for “America First,” promising steady revenue while probing unfair trade abroad.
How It Hits Your Wallet
Imports—about 15% of U.S. goods—get pricier by 10% on top of current rates, nudging up costs for electronics, fashion, toys, and appliances. Experts say average tariffs could rise from 13.6% to 16.5%, but exemptions limit pain; Yale Budget Lab projects $1.2 trillion over 10 years, mostly passed to shoppers in small hikes (like $50 more on a $500 TV). Domestic factories might hire more for steel or cars, boosting some jobs, though retaliation could ding farmers and exporters.
Global Ripple Effects
Friends like the EU, Japan, and Canada might slap back with their own tariffs on U.S. exports (soy, whiskey, planes), straining ties but sparking deal talks—Trump’s past wins covered half of world trade. No country-specific breaks under this law, so it’s “fair” but unpredictable; WTO challenges loom, yet ongoing probes could lead to targeted fixes. For families, it means watching travel, online shopping abroad, or holiday gifts—stability hinges on quick renewals or pacts.
