Last mentioned: Feb 24, 2026
Asian Markets Reopen
Markets in China and Japan reopen to a weakened dollar and renewed trade volatility.
Implementation
The new 15% duty takes effect at 12:01 am EST as CBP halts collection of invalidated IEEPA tariffs.
Mandelson Arrested
Former UK envoy Peter Mandelson taken into custody following Epstein file disclosures.
EU Trade Vote Delayed
European Parliament postpones vote on US trade deal citing new tariffs.
Treasury Market Surge
US Treasuries move sharply higher amid renewed tariff and political uncertainty.
Lagos Airspace Closure
FAAN closes Lagos International Airport airspace following a fire outbreak.
EU Trade Deal Stalled
European Parliament decides to postpone a vote on the EU-U.S. trade agreement.
Supreme Court Ruling & Warning
SCOTUS strikes down IEEPA tariffs; Trump warns countries not to 'play games' and EU postpones trade vote.
Tariff Hike Announced
President Trump raises temporary tariffs from 10% to 15% following the SCOTUS ruling.
Duty Escalation
The administration raises the planned Section 122 duty to the statutory maximum of 15%.
Initial Tariff Announcement
Trump announces a 10% temporary import duty under Section 122 of the Trade Act of 1974.
A U.S. Supreme Court decision striking down emergency tariffs has sparked a trade policy crisis, with President Trump retaliating by raising duties to the legal maximum. The resulting regulatory uncertainty has stalled international trade deals and weakened the U.S. dollar as markets brace for a new wave of protectionism.
Following a Supreme Court ruling invalidating tariffs under the International Emergency Economic Powers Act, President Trump has pivoted to Section 122 of the Trade Act of 1974. The administration is imposing a 15% temporary import duty while warning global trading partners against abandoning existing agreements.
The arrest of former UK envoy Peter Mandelson following new disclosures from the Epstein files has sent shockwaves through international legal and political circles. Concurrently, the European Parliament has delayed a critical US trade deal vote, citing new tariffs and heightening regulatory uncertainty across the Atlantic.