New US tariffs come in at lower 10% rate

The United States imposed a new tariff from Tuesday of 10% on all goods not covered by exemptions, the US Customs and Border Protection said, the rate first announced by President Donald Trump on Friday, rather than the 15% he promised a day later.

Reacting to the US Supreme Court ruling that threw out ‌tariffs it deemed were illegally justified ​on grounds of an emergency, Trump initially announced a new temporary global tariff of 10%. Later on Saturday, he said he would increase it to 15%.

But in a notice described as intended to "provide guidance regarding the February 20, 2026, Presidential Proclamation," CBP said that, aside from products covered by exemptions, imports would "be subject ​to an additional ad valorem rate of 10%."

Unclear Why Lower Rate Is Imposed

The move added to confusion surrounding US trade policy, with no explanation offered in the notice for why the lower rate had been used. The Financial Times quoted a White House official as saying the increase up to 15% would ‌come later. Reuters could not immediately confirm this.

"Remember that Trump is delivering the State of the Union address tonight, so it's possible we might get ‌a better sense of the next steps on tariffs," Deutsche Bank analysts said in a note.

Traders cited uncertainty about the trade outlook as one reason why European shares slipped on Tuesday, with the pan-European STOXX 600 index .STOXX down 0.1% by 0915 GMT.

The new tariffs ‌took effect at midnight, while the collection of the tariffs annulled by the Supreme ‌Court was halted. They had ranged from 10% to as much as 50%.

It ‌remains unclear whether and how companies will be refunded for tariff payments made under ‌the regime annulled by the Supreme Court.

The Section 122 law allows the president to impose the new duties for up to 150 days to address "large and serious" balance-of-payments deficits and "fundamental international payments problems."

Trump's tariff order argued that a serious balance-of-payments deficit existed in the form of a $1.2 trillion annual US goods trade deficit, a current account deficit of 4% of GDP, and a reversal of the US primary income surplus.

Trump Warns Against Reneging on Trade Deals

On Monday, Trump warned countries against backing away from any previously negotiated trade deals with the US, warning he would hit them with much higher duties under different laws. Japan said it had asked the United States to ensure its treatment under a new tariff regime ​would be as favourable as in an existing agreement. The European Union, Britain, and Taiwan all ​indicated a preference to stick to ​their deals, too.

China, meanwhile, urged Washington to abandon its "unilateral tariffs", indicating it was willing to hold another round of trade talks ​with the world's largest economy, the country's commerce ministry said in a statement on Tuesday.