10% Global Tariff Imposed Under Section 122 of the Trade Act of 1974

Hours after the SCOTUS ruling, the President issued a proclamation imposing a flat 10% surcharge on most U.S. imports under Section 122, citing balance-of-payments deficits. The tariff applies uniformly to all countries (no country-specific rates) and took effect Feb 24 at 12:01 a.m. ET. It is limited to 150 days unless Congress extends it.