THOMPSON COBURN TRADE ALERT – IMPORTS
HEADLINE	Trump Issues 10% Tariffs on Goods from All Countries Pursuant to Section 122
DATE	February 20, 2026
AGENCY	Trump Administration; United States Trade Representative; U.S. Customs and Border Protection (CBP); United States International Trade Commission
EFFECTIVE DATES	February 24, 2026, 12:01 a.m. Eastern Time until July 24, 2026, 12:01 a.m. Eastern Time
BACKGROUND	On February 20, 2026 the Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not give authority to the President to impose tariffs, as Congress did not delegate this authority to the President. It affirmed the lower court decision vacating the executive orders. While SCOTUS deemed the IEEPA tariffs unconstitutional, the ruling gave no direction or indication on remedy or relief. See Trade Alert 65 for additional information on the Supreme Court ruling.
DETAILS	Following the Supreme Court’s ruling invalidating the tariffs issued under IEEPA, President Trump issued a Proclamation imposing a 10% surcharge on all imports, with limited exceptions, for a period of 150 days. Section 122 and the Proclamation intend to address “fundamental international payments problems, such as large and serious balance-of-payments deficits, an imminent and significant depreciation of its currency in foreign exchange markets, or an international balance-of-payments disequilibrium.”   The Proclamation includes Annex I and Annex II listing products not subject to the Sec. 122 10% tariff action, including:   • articles that are entered duty-free under the USMCA; • all goods which are currently subject to, or which will later become subject to, sector-specific tariffs under Section 232 (i.e. steel, aluminum, copper, automobiles & auto parts, etc.). • certain critical minerals; • metals used in currency and bullion; • energy and energy products; • natural resources and fertilizers that cannot be grown, mined, or otherwise produced in the United States or grown, mined, or otherwise produced in sufficient quantities to meet domestic demand; • certain agricultural products, including beef, tomatoes, and oranges; • pharmaceuticals and pharmaceutical ingredients; • certain electronics; • passenger vehicles, certain light trucks, certain medium- and heavy-duty vehicles, buses, and certain parts of passenger vehicles, light trucks, medium- and heavy-duty vehicles, and buses; • certain aerospace products; • information materials, donations, and accompanied baggage; • textile and apparel articles that are entered duty-free under a relevant free trade agreement. The 10% surcharge is effective until July 24, 2026, unless terminated early or extended by an Act of Congress.   We note that the President posted on Truth Social that the 10% tariff would be raised to 15%, however, there have been no official actions at this time.
BASIS	Section 122 of the Trade Act of 1974 (19 U.S.C. 2132)
CITE	White House: Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems – The White House   White House: Fact Sheet: President Donald J. Trump Imposes a Temporary Import Duty to Address Fundamental International Payment Problems – The White House

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