Trump Hikes Global Tariffs to 15%, Dow Futures Sink 600 Points

Feb 23, 2026

The President Is Not Above the Law - POLITICO Magazine

U.S. stock futures fell sharply Monday after President Donald Trump announced a new 15% global tariff rate, reigniting trade tensions just days after the Supreme Court struck down his earlier tariff framework.

Dow Jones Industrial Average futures dropped more than 200 points in early trading, with broader losses nearing 600 points at one stage, according to Google News live updates and financial market reporting. S&P 500 and Nasdaq-100 futures also declined.

The market reaction followed Trump’s weekend post on Truth Social stating that a 15% tariff on foreign imports would take effect immediately, up from the previously announced 10% rate.

The move came after the Supreme Court invalidated portions of his “reciprocal” tariff program, prompting questions about the legal path forward. Trump invoked Section 122 of the Trade Act of 1974, which allows temporary tariffs for up to 150 days.

“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries,” Trump wrote on Truth Social.

Investors rotated into defensive assets. Spot gold rose roughly 1%, while gold futures climbed nearly 2%. Bitcoin briefly fell below $65,000 before recovering, reflecting broader volatility.

European Commission officials signaled concern, saying the current situation is not conducive to stable transatlantic trade and requesting full clarity from the U.S. government.

Markets had rallied Friday after the Supreme Court ruling, but Monday’s decline suggests uncertainty over implementation and potential retaliation remains unresolved.

Analysts say the next major test will be whether Congress or the courts intervene again, and how global trading partners respond in the coming days.

For now, investors are bracing for continued volatility as trade policy returns to the center of market risk.

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