February 20, 2026: Trump Imposes 10% Global Tariff, WH Says USMCA is Exempt, More
episodePreviously titled “Trump Imposes 10% Global Tariff, WH Says USMCA is Exempt, More” — renamed by the publisher on Aug 2, 2026
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What are the implications of Trump's 10% global tariff?
I'm Monica Ricks. President Trump just imposed a 10 percent global tariff that, according to his True Social post, will be effective almost immediately. Earlier today, Trump slammed the Supreme Court for rejecting his sweeping tariff policy.
The Supreme Court's ruling on tariffs. is deeply disappointing. And I'm ashamed of certain members of the court, absolutely ashamed for not having the courage to do what's right for our country.
The ruling could now leave the federal government on the hook for billions of dollars in tariff refunds to thousands of businesses. It could also compromise agricultural trade. Caleb Ragland is president of the American Soybean Association and a soybean farmer in Kentucky. He says he's afraid China could stop buying their crop again.
50% of soybeans are exported. And soybeans are the largest agriculture export from the United States. So it's very vital not only to the ag economies, but also to rural America and the economy of this country as a whole.
Ragland says there's been over a billion dollars in tariff costs passed on to soybean farmers over the last year. The White House clarified Mexico and Canada are exempt from tariffs on many goods shipped under the U.S.-Mexico-Canada agreement. But tariffs on goods that don't qualify will still be lower. Trump had imposed 35 percent tariffs on Canada and 25 percent on Mexico. Officials from both countries, though, say they are still cautious since punishing tariffs are still in place on steel, aluminum, cars and other categories. The USMC is also up for review this summer. And the White House has already made it clear it wants changes. The Supreme Court's ruling today is also causing some confusion now in Europe.
Here's Bloomberg's Dan Schwartzman.
European Union lawmakers will be holding an emergency meeting on Monday to reassess the bloc's trade deal with the U.S. The European Parliament's Trade Committee had been expected to vote to move forward with the ratification process of the agreement, but the Supreme Court's ruling has cast doubt on the timeline and the entire accord. The trade pact would have erased tariffs on most American goods and set a 15% tariff on EU products. Dan Schwartzman, Bloomberg Radio.
The ruling also set off a quick and dramatic pop in the market, led by companies hit hardest by the levies, including retailers such as Target, Abercrombie, Dollar Tree, and companies whose products are mostly made overseas like Apple, Mattel, and Nike. Overall, the Dow added 231 points, the Nasdaq was up 203, and after a brief drop, the S&P bounced back, adding 48 points. The 10-year Treasury yields at 4.08%, the 2-year yields at 3.47%. And thousands of companies could now sue the government for billions in tariff refunds. But Treasury Secretary Scott Bessett says that process could take a while.
It's in dispute. Supreme Court did not rule on that today. They pushed it back down to the International Tax and Trade Court. And my sense is that could be dragged out for weeks, months, years.
Besant speaking at the Economic Club of Dallas. He says revenue collected from tariffs will be virtually unchanged in 2026. President Trump says he's considering limited strikes on Iran if it can't agree to a nuclear weapons deal in the next 15 days. The ultimatum comes as the Trump administration continues building the largest U.S. military presence in the Middle East in decades.
How does the Supreme Court's ruling affect tariff policies?
Congress could intervene, though, and vote as soon as next week to block Trump's ability to strike Iran without their approval. Paramount Skydance claims there's not much standing in the way of its proposed acquisition of Warner Bros.
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