U.S. President Donald Trump’s new 10% global tariffs have come into effect, hours after the Supreme Court blocked many of his sweeping import taxes in a 6–3 ruling. Allies around the world are weighing possible retaliation, while markets brace for further upheaval.
Following the court’s decision on Friday (20 February), President Trump signed an executive order introducing the levy from 24 February under Section 122 of the 1974 Trade Act, which allows temporary tariffs to be imposed for up to 150 days without congressional approval.
Trump had previously said the rate would be set at 15%, but no directive increasing it beyond 10% has been issued. The White House has been approached for comment.
The executive order states that the tariff is intended to address “fundamental international payments problems” and to rebalance trade in favour of American workers, farmers and manufacturers.
The President argues the measures are necessary to reduce the U.S. trade deficit, which widened by 2.1% compared with 2024 to approximately $1.2 trillion. The administration has already collected at least $130bn in tariffs using the 1977 International Emergency Economic Powers Act.
The United Kingdom said no reciprocal action was “off the table” if Washington failed to honour its tariff agreement, although it added that “no one wants a trade war.”
The European Union said it would suspend ratification of a summer trade deal, while officials in the European Parliament called for further clarity.
India also said it would defer previously scheduled talks aimed at finalising a recent agreement.
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Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Ukraine’s President Volodymyr Zelenskyy said on Monday that Kyiv wants peace but will not surrender to Russia, as foreign leaders joined Independence Day events marking 35 years since Ukraine’s independence.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
Only four commodity vessels crossed the Strait of Hormuz on Sunday, following 13 transits a day earlier, as disruptions continue to restrict traffic through the key energy chokepoint.
A newly created pro-government political party has secured a commanding victory in Kazakhstan's snap parliamentary election, according to exit polls, strengthening President Kassym-Jomart Tokayev's influence at a pivotal moment in the country's political transition.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
Canada has announced nearly $20 billion in retaliatory tariffs on U.S. goods and billions in support for workers and businesses, escalating its trade dispute with Washington after President Donald Trump's latest duties took effect.
Pakistani exporters are facing soaring shipping costs to the U.S., with freight rates more than tripling on some routes as the Iran-U.S. conflict drives up war-risk insurance and fuel costs.
The trial of a Libyan man accused of building the bomb that destroyed Pan Am Flight 103 over the Scottish town of Lockerbie in 1988, killing 270 people, has been postponed by a U.S. federal judge.
France and Saudi Arabia have agreed on plans for a $7 billion manga-themed amusement complex near Paris, inspired by the hugely popular Japanese franchise Dragon Ball Z.
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