It looks like the Trump Golden Age is over. The Trump Economic Crisis is here, it has been declared by Trump! [View all]

[ck4829]

President Trump on Friday said he would sign an executive order to impose 10% tariffs on all nations, replacing part of the tariffs overturned by the Supreme Court on Friday.

What they're saying: "Today I will sign an order to impose a 10% global tariff under Section 122, over and above our normal tariffs already being charged," Trump said in a briefing room.

Between the lines: The provision in the Trade Act of 1974 is fairly sweeping, Unlike the International Emergency Economic Powers Act — which the Supreme Court says cannot be used to impose tariffs — it limits how long tariffs can be imposed and how high the tariffs can be.

It allows Trump to impose tariffs of up to 15% for 150 days to address trade deficits or a dollar crisis.

https://www.axios.com/2026/02/20/trump-global-tariffs-supreme-court-10-percent

Let's see the relevant text of section 122 of that act:

(a) Presidential proclamations of temporary import surcharges and temporary limitations on imports through quotas in situations of fundamental international payments problems
Whenever fundamental international payments problems require special import measures to restrict imports-
(1) to deal with large and serious United States balance-of-payments deficits.
(2) to prevent an imminent and significant depreciation of the dollar in foreign exchange markets, or
(3) to cooperate with other countries in correcting an international balance-of-payments disequilibrium,

https://www.govinfo.gov/content/pkg/COMPS-10384/pdf/COMPS-10384.pdf

Hmm, pretty sure that looking at the text in bold, it is not something you would need to consider using in a golden age, an age of unparalleled prosperity, or if the Dow being 50,000 means something.

So I dunno, sounds kinda economic crisis-y to me.