US Tariffs: Winners, Losers & What Happens Next

A new 15% tariff on nearly all imports to the United States went into effect today, February 24, 2026, following a Supreme Court ruling. The move, announced by President Donald Trump, impacts trade with countries worldwide, though some exemptions apply. The implications of this decision are already being assessed by businesses and governments globally.

What Prompted the New Tariffs?

The tariffs stem from President Trump’s invocation of Section 122 of the Trade Act of 1974, which allows for import duties of up to 15% to address perceived “fundamental international payment problems” or an impending devaluation of the dollar. This action followed a Supreme Court decision regarding previous tariffs imposed under the International Emergency Economic Powers Act (IEEPA).

Did You Know? President Trump initially announced a 10% global tariff but increased it to 15% just hours later, reaching the maximum limit allowed under the invoked trade law.

Who Benefits and Who Loses?

According to research from Global Trade Alert, Brazil stands to benefit most from the new tariffs, with a decrease of 13.6 percentage points in its average tariff rate. China and India also see significant benefits, with reductions of 7.1 and 5.6 percentage points, respectively. Conversely, countries like Great Britain, Italy, and Singapore face increased tariffs, with Germany experiencing a smaller increase of 0.6 percentage points.

What About Existing Trade Deals?

The EU-US trade deal is now in question. The European Commission is seeking clarification from Washington regarding the implementation of these measures and insists the US adhere to the agreed-upon tariff ceiling of 15%. The European Parliament has formally put the implementation of the trade agreement on hold.

Expert Insight:

Expert Insight: The increased uncertainty surrounding US trade policy poses a significant challenge for businesses, particularly those relying on stable international frameworks for investment decisions. The potential for further tariff actions adds another layer of complexity to global trade relations.

Certain product categories are exempt from the new tariffs, including energy products, critical minerals, pharmaceuticals, and specific electronics and aerospace items. Goods originating from Canada and Mexico are excluded.

What’s Next?

The legality of the tariffs is already being questioned by some experts, who argue that the US does not currently have “fundamental international payment problems” as required by Section 122. If challenged, the tariffs could be subject to further legal scrutiny. The 15% tariff is set to last for 150 days unless Congress votes to extend it, a scenario experts believe is unlikely. The financial impact on the US budget is also a concern, as the tariffs were previously a significant source of revenue.

Frequently Asked Questions

Which new US tariffs are in effect today?

A 15% tariff on nearly all imports went into effect today, February 24, 2026, with some exemptions for specific products and countries.

On what basis is Trump imposing these tariffs?

Trump is invoking Section 122 of the Trade Act of 1974, citing “fundamental international payment problems” or a potential devaluation of the dollar.

Are there any exceptions to the new tariffs?

Yes, exemptions apply to energy products, critical minerals, pharmaceuticals, certain electronics, aerospace products, and goods from Canada and Mexico.

How will these tariffs impact the global economy and what further actions might we see from the US administration?