Trump's New 10% Tariff on All Imports: Effective Date and Exemptions

New US Tariff Policy Announced

According to Главком: US President Donald Trump has announced a new universal 10% tariff on foreign goods, set to take effect on February 24. This move comes amidst ongoing debates over presidential authority in trade policy. The White House clarified that many product categories from Canada and Mexico will be exempt under the terms of the USMCA trade agreement. Previously, goods from these countries not covered by the agreement's preferences faced tariffs of 35% for Canada and 25% for Mexico.

US Trade Representative Jamison Greer confirmed the tariff's start date. Mexican Economy Minister Marcelo Ebrard is preparing a visit to Washington, signaling potential negotiations on the matter. However, the US Supreme Court recently ruled that Trump overstepped his authority by unilaterally imposing radical tariffs against many countries, stating such actions 'do not meet the requirements' of federal law.

Impact and Legal Challenges of the Tariffs

In a related move, Trump also formally announced an increase in import tariffs for South Korea from 15% to 25%. According to a report from the Federal Reserve Bank of New York, American businesses and consumers bore nearly 90% of all import duty costs in 2025. Punitive tariffs on steel, aluminum, and automobiles remain in effect, continuing to impact international trade flows.

These new tariffs and the exemptions for Canada and Mexico mark a significant shift in US trade policy, even as legal challenges persist. The policy's implementation could significantly affect the American market and global trade relations, given the US's existing active trade agreements with Canada and Mexico. The exemptions for these neighbors demonstrate an attempt to maintain stability under the USMCA framework. Meanwhile, the increased tariffs on South Korea may provoke retaliatory measures, potentially escalating trade disputes. The legal aspects surrounding the implementation of these tariffs remain a critical factor for their future.