US starts 10% tariff collection as Trump administration works to hike import duty rates

Beginning February 24, 2026, the United States has officially implemented a 10% tariff on a range of imported goods as part of the Trump administration's broader strategy to increase import duty rates. This move is seen as an effort to bolster domestic manufacturing and reduce reliance on foreign products, amidst ongoing trade tensions with several nations. The tariffs are expected to impact a variety of sectors, potentially raising prices for consumers and altering supply chains. The administration's decision reflects its commitment to a protectionist trade policy, which aims to support American industries and create jobs. Stakeholders, including businesses and consumers, are closely monitoring these developments, as further increases in tariffs could exacerbate inflation and strain international trade relations. This tariff implementation marks a significant step in the evolving landscape of U.S. trade policy, and its effects will likely be felt across the globe, particularly in countries heavily reliant on exports to the U.S.