Trump’s new tariff unshock

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The US Supreme Court ruled on February 22, 2026, that Donald Trump’s International Emergency Economic Powers Act’s tariffs were invalid.

This includes the “reciprocal” tariffs and those imposed on Canada, China, Mexico, and other countries under different emergency declarations.

Not long after the decision, President Trump announced a 10% “global tariff” under Section 122. But on Saturday, he raised that to 15%.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.