President Trump announced sweeping new import tariffs on February 24, 2026, replacing earlier emergency duties after the Supreme Court struck down his prior IEEPA-based measures. (theguardian.com) Reports say he signed a global tariff implemented at 10% (the White House signaled a rise toward 15%) under Section 122 of the Trade Act; specifics and exemptions remain unclear. (ft.com) Markets reacted sharply—futures and major indexes fell and volatility spiked—as investors feared retaliatory measures and higher consumer prices. (barrons.com) Multiple outlets warned of legal challenges and sustained market turbulence; social posts had promoted a 9:00 p.m. ET “huge” announcement.