Donald Trump has consistently employed tariffs as a key economic strategy, asserting they bolster US manufacturing and job creation. Critics, however, contend these taxes on imported goods have inflated prices for American consumers and disrupted the global economy.

In February 2026, the Supreme Court ruled that Trump had overstepped his authority by imposing certain tariffs under emergency powers without congressional approval. This decision impacted tariffs introduced in early 2025 targeting Mexico, Canada, and China, as well as those announced in April 2025, which imposed rates of up to 50% on numerous countries. Billions of dollars have since been refunded.

Despite the ruling, the White House has pursued alternative legislative avenues. Trump has utilized Section 122 of the Trade Act of 1974 for a temporary 10% global import tariff and Section 301 to justify tariffs on countries like Brazil (25% on certain goods) and Canada (50% on a wide range of imports). These actions have led to increased prices for US consumers, with a Goldman Sachs study estimating 55% of tariff charges are passed on, and a Federal Reserve study linking the 2025 tariffs to inflation.

The global economy experienced turmoil following initial tariffs in early 2025, with share prices and the dollar's value falling. While markets have recovered, ongoing tariff uncertainty continues to destabilize international trade, prompting allies to seek alternative markets. The IMF has stated that tariffs have “definitely [slowed] down global activity,” warning of further economic risks.