What Happened This Month in International Trade (February 2026)
Supreme Court
- On February 20, 2026, the Supreme Court issued its opinion in Learning Resources, Inc., et al. v. Trump, ruling that IEEPA does not authorize the president to impose tariffs.
Administration
- In response to the Supreme Court’s IEEPA ruling, President Trump issued a Proclamation imposing a 10% tariff on all goods under Section 122 of the Trade Act. The President also announced that he will be increasing it to the lawful maximum of 15%, but the effective date has not yet been set.
- President Trump signed an Executive Order continuing the suspension of duty-free de minimis treatment for all countries.
- The U.S. and Bangladesh released a joint statement on reciprocal trade. The U.S. is lowering the tariffs on Bangladeshi exports to 19% rather than the 20%. The U.S. will also establish a mechanism for a tariff rate quota for Bangladeshi textile and apparel imports, with goods coming in under the quota entering duty-free.
- President Trump announced on Truth Social that the U.S.’s trade deal with Japan is moving forward and that Japan will make its first set of investments under its $550 billion dollar commitment.

