US starts collecting 10% tax, market becomes more chaotic

Khánh Minh |

The US began to collect 10% tariffs on most imports from 0:00 on February 24, lower than the 15% figure announced by Mr. Trump.

According to a statement from the US Customs and Border Protection Agency (CBP), the US began to collect an additional 10% tax on most imports from 0:00 on February 24 (local time). This tax rate is lower than the 15% that President Donald Trump previously announced would apply.

The new decision was made after the US Supreme Court on February 20 rejected Mr. Trump's previous counterpart tariffs - which were justified on the basis of a "national emergency".

Immediately after the ruling, Mr. Trump announced a new executive order imposing a generalized 10% temporary tariff. However, just 1 day later, he said he would raise it to 15%.

However, in the notice guiding the implementation of the "President's Statement dated February 20, 2026", CBP confirmed that imported goods - except for items exempted - will be subject to "10% additional tax". There is no official explanation why the 15% rate has not been applied.

The Financial Times quoted a White House official as saying that the 15% increase may take place later, but this information has not been independently confirmed.

New tax collection has been implemented since midnight, and at the same time, the collection of old tax rates cancelled by the Supreme Court has been terminated. Previously, tax rates rejected ranged from 10% to 50%, causing much controversy in the business community and trading partners.

The legal basis for the new tax imposition is Article 122 of the US Trade Act, which allows the president to impose taxes for a maximum of 150 days on any country to address "serious and major" issues of the balance of payments.

The Trump administration argues that the US is facing an annual commodity trade deficit of 1,200 billion USD, a current account deficit equivalent to 4% of GDP, and the reversal of primary income surplus.

The new move further makes US trade policy unpredictable. On February 23, Mr. Trump warned countries not to withdraw from the trade agreements just reached with Washington, otherwise they would face "much higher" tariffs under other laws.

A rapid international response appeared. Japan said it had asked the US to guarantee that it would enjoy conditions no less favorable than current agreements.

Meanwhile, the European Union (EU) and the UK signaled their desire to maintain the agreed commitments, instead of reopening negotiations in the context of Washington's constantly changing tax policy.

Analysts believe that the shift from the expected level of 15% to 10% - at least in the early stages - may be aimed at reducing the shock to the financial market and global supply chains. However, inconsistency in the message from the White House continues to increase business sentiment.

In the short term, the 10% level is considered "softer" than previously feared. But with the possibility of raising it to 15% in the near future, US trading partners still have to prepare for a new tense scenario in the global tariff war.

Khánh Minh
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