Trump's 10% "Global Tariff" takes effect today, and the implementation schedule for the 15% tariff has yet to be finalized

Trump's 10% "Global Tariff" officially takes effect today. According to CCTV News, the White House recently announced a 10% ad valorem import tariff on goods imported to the United States, lasting for 150 days, effective at 12:01 AM Eastern Time on February 24. Media reports, citing an unnamed government official, state that the White House is preparing a formal order to raise the global tariff baseline to 15%, but the implementation timeline has not yet been finalized. Uncertainty has quickly spilled over to the negotiation table and corporate decision-making. Major trading partners, including the European Union and India, have paused related arrangements due to unclear policy prospects. Trade Act Section 122 "Relay," 10% Tariff Gains 150-Day Window According to Bloomberg, Trump is invoking Section 122 of the Trade Act of 1974, which allows for tariffs to be imposed for up to 150 days without Congressional approval. The White House's shift to this path is directly due to the Supreme Court ruling that Trump's previous invocation of emergency powers to implement the so-called "reciprocal tariffs" was illegal, forcing him to change tools to maintain the tariff framework. The new executive order retains some exemptions, including certain critical minerals, metals for currency and bullion, energy and energy products; natural resources and fertilizers that cannot be grown, mined, or otherwise produced in the United States. Exemptions result in effective tax rates being lower than nominal rates, leading to differentiated impacts across different countries and industries. 15% Suspense Stirs Global Negotiations, EU and India Hit Pause Whether the tax rate will be raised to 15% and when it will be raised has become the biggest variable. Media reports indicate that unclear signals have caused confusion globally, with governments and multinational companies reassessing existing trade agreements to evaluate the applicable boundaries and cost changes under the latest threats. The EU announced on Monday that it would freeze the approval process for agreements with the U.S. until Trump clarifies the latest tariff plans. India has similarly postponed talks scheduled for this week in the U.S., which were originally planned to finalize a temporary trade agreement. Meanwhile, Trump also warned on Monday that higher tariffs would be imposed on partners who "play games" with existing agreements. The Toolbox for Rebuilding the "Tariff Wall": 301 and 232 Slower and Less Flexible Trump's team has reiterated that tariffs remain central to its trade policy and plans to initiate a series of investigations on a faster timeline to impose tariffs without Congressional involvement, aiming to rebuild the tariff system that was "destroyed" by court rulings. However, Bloomberg points out that the Section 301 and Section 232 authorizations currently mentioned by the White House are less flexible than the emergency power tools previously used, and related investigations may take months to complete, with no new investigations announced to date. In response to the court ruling, government officials have urged trading partners to continue adhering to agreements made with the U.S. over the past year. U.S. Trade Representative Jamieson Greer stated on CBS's "Face the Nation," "We hope they understand that these agreements will be good agreements, we will adhere to them, and we hope our partners will adhere as well." However, this statement did not completely eliminate the concerns of major economies about policy reversals. European Central Bank President Christine Lagarde stated on the same program that "global trade requires clarity from the U.S. government." As the State of the Union approaches, public opinion battles intensify Trump is set to deliver a State of the Union address to Congress, where some Democrats and Republicans who oppose certain trade policies will be present. Bloomberg reports that the speech is expected to focus on the economic agenda, as Republicans attempt to shape midterm election messaging in response to voter dissatisfaction with the cost of living. Public pressure is also rising. According to a joint survey by The Washington Post, ABC, and Ipsos, 64% of Americans disapprove of Trump's handling of tariffs, while only 34% approve.