On the morning of Friday, February 20, 2026, the United States Supreme Court announced its decision on a lawsuit aimed at sweeping tariffs imposed by the Trump Administration in April, 2025. These tariffs, imposed using the International Emergency Economic Powers Act (IEEPA) of 1977, have greatly impacted economic imports into the United States.

The majority opinion on the tariff ruling, written by Chief Justice John Roberts, cited a lack of "clear congressional authorization" to exercise the power needed to impose the tariffs.

On Friday afternoon, in response to the ruling, President Trump held a press conference announcing that, under Section 122, a temporary 10% Global Tariff would be imposed. This tariff can remain in effect for a maximum of 150 days barring congressional approval for an extension.

Section 122 of the Trade Act of 1974 allows for the president to impose temporary tariffs in the case of fundamental international payments problems.

UPDATE 2/21/26: On Saturday, February 21, President Trump announced an increase in the tariff rate from 10-15%

UPDATE 2: 2/24/26: Per a notice sent out by CBP on Tuesday, the rate will be 10%.

This story is still developing, and SGL will share more information as it is released.