— In a dramatic reshuffling of global trade policy, the Trump administration has officially transitioned its sweeping tariff regime to the "Balance-of-Payments" authority under Section 122 of the Trade Act of 1974.
In a dramatic shift that has sent shockwaves through global markets, President Trump has announced a new 15% global tariff surcharge, invoking the seldom-used Section 122 of the Trade Act of 1974.
We note that the White House has issued an order, on 20 February 2026, to impose a global tariff of 10% under Section 122[1] of the Trade Act of 1974 on all imports into the US for 150 days, with effect from 24 February 2026, 12.01am.