Following Court Loss, Trump Orders 10% Tariffs (Or Maybe 15%)

By Rob Bates | February 23, 2026

Hours after the U.S. Supreme Court struck down most of the tariffs the Trump administration imposed over the last year, the president signed a new proclamation imposing a 10% levy on nearly all global imports. But at press time, there was a lot of confusion about how the new tariffs would affect the jewelry industry.

Further muddying the waters, Trump wrote on TruthSocial over the weekend that the new tariff rate will be 15%. However, at press time, there’s been no official order codifying that.

The “reciprocal tariffs” associated with the International Emergency Economic Powers Act (IEEPA)—including the current 18% levy on India—will expire at midnight tonight, as the Supreme Court ruled them illegal.

The new 10% levies fall under Section 122 of the Trade Act of 1974, which has tighter guardrails than the administration believed IEEPA had. They will take effect Feb. 24, at 12:01 a.m., and expire after 150 days—after which, experts say, Congress will have to reauthorize them.

The proclamation said the tariffs won’t apply to “natural resources and fertilizers that cannot be grown, mined, or otherwise produced in the United States or grown, mined, or otherwise produced in sufficient quantities to meet domestic demand.”

At press time, it wasn’t certain if those exemptions will include natural diamonds, gemstones, and pearls, since those three products were included on “Annex III,” a list of items eligible for duty-free treatment that the White House released last year. The proclamation mentions Annex I and II, but not Annex III.

“Annex III is the big question mark,” says Sara Yood, president and CEO of the Jewelers Vigilance Committee. “The new proclamation lists exemptions, but the former Annex III is not specifically on that list.”

There’s even uncertainty about diamonds that were previously imported tariff-free, such as those from the European Union.

“At this time, the EU-US trade agreement remains unclear,” said a communication from the Antwerp World Diamond Centre. “We do not yet have confirmation on whether EU-polished diamonds are still tariff-exempt.

“For the coming 150 days, we recommend assuming that EU-polished diamonds could be subject to a 15% tariff, until we receive clear confirmation otherwise.”

The new tariffs will provide some relief to industry importers. For example, last month, the president said that all Indian imports would be subject to a 18% duty. That will be lowered, whether the new rate is 10% or 15%. (The U.S. Trade Act caps tariffs at 15%.)

However, current most-favored-nation duties, such as the 5.5% levy on Indian-produced jewelry that predates the Trump administration, still apply.

Goods from Canada and Mexico that fall under the United States-Mexico-Canada Agreement will not receive additional tariffs.

The president also announced he was retaining the suspension of the de minimis exemption, which allowed items valued at $800 or less to be imported duty-free. The longstanding exemption was first suspended in August.

At a news conference following the Supreme Court decision, the president vowed to find other means to impose tariffs—including opening investigations under Section 301 of the U.S. Trade Act, which could lead to permanent levies.

‘We have alternatives, great alternatives,” the president said. “Could be more money. We’ll take in more money and we’ll be a lot stronger for it. We’re taking in hundreds of billions of dollars. We’ll continue to do so.”

Trump said that he didn’t know if the $175 billion in tariffs will be refunded to the companies that paid them, as the court’s decision didn’t mention that.

“I guess [that question] has to get litigated for the next two years,” he said.

The U.S. Chamber of Commerce put out a guide Friday for small businesses who paid the tariffs and may be owed refunds. It recommends companies talk with Customs brokers to determine which payments might be eligible. But it said that “the process for obtaining tariff refunds remains uncertain.”

Trump also had strong words for the small Chicago toy company that brought the case against the tariffs, calling them “scumbags.” And he lambasted the two Supreme Court justices he nominated—Neil Gorsuch and Amy Coney Barrett—who joined in the majority opinion.

“They’re just being fools and lapdogs for the RINOs and the radical left Democrats,” the President said. “I think it’s an embarrassment to their families, you want to know the truth.”

(Photo: Getty Images)