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Macro EconomyHigh Impact•23 February 2026•

1 min read

US Implements 15% Global Tariff Citing Section 122 of the 1974 Trade Act

Emmanuel Macron's face centered between cracked Visa and Mastercard cards, with Euro and Ethereum symbols, bank buildings, and digital payment cards.

Key Facts

1Commerzbank’s Economic Research team highlighted that the US is implementing a new 15% global tariff.

2The new tariff is based on Section 122 of the Trade Act of 1974 and interacts with Most Favored Nation (MFN) duties.

The US is moving forward with a broad 15% global tariff, according to a recent analysis by Commerzbank’s economic research team. This significant policy shift is based on Section 122 of the Trade Act of 1974 and is expected to reshape the international trade landscape. The new measures will interact with existing Most Favored Nation (MFN) duties, potentially increasing the overall cost of imports significantly. This development follows a Supreme Court ruling clarifying executive authority over tariffs, specifically regarding earlier Trump-era trade policies. Market analysts anticipate that the move will strengthen the US Dollar (DXY) due to safe-haven demand and heightened inflationary expectations. However, trade-dependent currencies such as the EUR, CNY, and MXN are likely to face volatility and downward pressure as global trade flows are disrupted.