Will it be 10% Effective February 24th or 15% Effective Immediately?
On February 20, 2026, the Supreme Court ruled that the International Economic Emergency Powers Act (IEEPA) tariffs are unlawful. On the same day, U.S. President Trump issued an Executive Order (EO) with a new, broad 10% tariff imposed for 150 days under Section 122 of the Trade Act of 1974. However, on February 21, the President quickly posted on social media that he will increase the tariff to 15% effective immediately. At this time, we have no official information about the 15% proposal, but the details of the existing 10% EO are provided below.
The original EO (dated February 20th) included an ‘in transit’ provision, exempting goods on vessels at the port of loading and final in-transit mode prior to entry before 12:01 a.m. on February 24, and entered before 12:01 a.m. February 28.
The EO also included Annexes and tariff schedule numbers and exemptions, Key exemptions include:
• USMCA-compliant goods (all products originating in Canada and Mexico that qualify for duty-free treatment) and
• products subject to Section 232 tariffs (steel, aluminum, and related derivatives.)
There remains many uncertainties in this rapidly changing regulatory environment.
Deringer continues to monitor the situation very closely, and will continue to communicate formal guidance issued by the Court of International Trade (CIT), U.S. Customs and Border Protection (CBP), and the U.S. Treasury Department in the coming days.
Due to the rapidly changing application and modifications of duty rates, please note that Deringer is not responsible for coordinating the timing of U.S. entry and imposed tariff rates.
