President Trump signs global 10% tariff agreement.
President Donald Trump has just signed into law a 10% global tariff, which officially took effect on February 24th.
According to CNN on February 21st, on the evening of February 20th (Washington time), President Donald Trump officially announced on social media the signing of an executive order imposing a 10% global tariff – a move he had "warned" about earlier in the day.
"It is an honor for me to have just signed the order imposing a 10% global tariff on all countries right here in the Oval Office. This order will take effect almost immediately," President Donald Trump wrote on the Truth Social platform.
Previously, Mr. Trump stated that he would implement these global tariffs based on Section 122 of the trade law. However, these tariffs can only remain in place for 150 days without an extension from Congress. According to information from the White House, the new tariffs will officially begin at 12:01 AM (Eastern Time) on February 24th.
CNN suggests that the question is, given that the Supreme Court has just stripped away a significant portion of Trump's tariff-making powers, how will this impact people's cost of living?
"There's no impact at all," said Stephanie Roth, chief economist at Wolfe Research.
The reason is that President Trump still has other tariff "leverage" at his disposal. The Supreme Court noted that other powers remain at the President's disposal, including laws allowing the administration to significantly increase tariffs on steel, aluminum, and other imports – regulations that are still in effect. Furthermore, many of the tariffs struck down by the Supreme Court could be replaced with other tariffs.
Even if the administration is eventually forced to refund businesses that paid taxes that were deemed invalid (an issue that remains unresolved), that doesn't mean consumers will be reimbursed for the difference they paid for sneakers, furniture, or other items that became more expensive due to Trump's policies.
According to the Tax Foundation, President Trump's tariff policies have increased the tax costs for the average American household by $1,000 in 2025.
