President Donald Trump's new 10% global tariffs officially took effect on Tuesday, February 24, 2026, following a Supreme Court ruling that had previously invalidated many of his earlier tariffs. These new tariffs, announced after the court's decision on Friday, are intended to replace existing indiscriminate tariffs and those from various trade agreements, though they do not affect sector-specific tariffs or imports from Canada and Mexico under the USMCA. The legal basis for these tariffs is a 1974 law allowing the president to rebalance trade when a significant balance of payments deficit is demonstrated. Customs services confirmed that the collection of previously invalidated tariffs would cease at midnight Washington time, with the new 10% tariffs commencing immediately. This measure is expected to raise the average effective tariff rate on incoming goods to 13.7%, down from 16% prior to the Supreme Court's decision, and requires Congressional approval after 150 days to remain in effect.