Key changes in US tariff policy. In February 2026, US tariff policy underwent a significant change following a Supreme Court decision. The US Supreme Court declared most global tariffs imposed under the International Emergency Economic Powers Act (IEEPA) unconstitutional, ruling that the president did not have the legal authority to impose such broad levies without express authorisation from Congress. However, the following remain fully in force: National security tariffs (Section 232), ongoing trade investigations under Sections 232 and 301, and suspension of the ‘de minimis’ regime.

In response, the US administration activated an alternative mechanism: Section 122 of the Trade Act of 1974, which allows a temporary uniform tariff of up to 15% to be imposed on most imports for a maximum period of 150 days.

Current tariffs:

• New temporary global tariff: as of 24 February 2026, an additional 10% tariff came into effect on most imports into the United States, applicable to all countries except for specific exceptions.
• Possible increase to 15%: although initially 10% was applied.
• Previous tariffs annulled: all tariffs structured under IEEPA —including special and differential levies against certain countries— were rendered ineffective by the Supreme Court ruling.

What this means for trade:

• Temporality and political control: the new Section 122 tariffs have a 150-day limit, which means that Parliament must decide whether to extend, modify or repeal them before that date.
• Traditional tariffs remain in place: some tariffs imposed by other laws, such as those related to national security or unfair trade practices (Sections 232 and 301), remain in force, although they are not part of the overall uniform tariff.
• Economic and trade impact: Experts estimate that, even with the elimination of IEEPA tariffs, the United States will continue to have high effective rates if the new levies and other tariff measures remain in place.

The United States’ tariff policy in 2026 is undergoing a phase of transition and legal reconfiguration following the Supreme Court ruling. The new temporary global tariff, based on Section 122, replaces the previous structure and will be in effect for a limited period.

For further information, you can download the presentation made by ICEX below: