Trump’s SOTU & New Tariffs

Trump's SOTU & New Tariffs President Donald Trump is scheduled to deliver his sixth State of the Union address to a joint session of Congress on Tuesday, February 24, 2026, an event of immense political significance occurring against a backdrop of sliding poll numbers, a controversial immigration crackdown, and a major legal defeat regarding his trade policies, all while the Republican party faces shaky ground with voters ahead of midterm elections in less than nine months. This pivotal address comes just days after the U.S. Supreme Court, in a 6-3 decision on Friday, February 20, 2026, delivered a significant blow to the president's signature economic policy by ruling that he had exceeded his authority in using the International Emergency Economic Powers Act (IEEPA) to impose sudden and sweeping tariffs on individual countries, including Canada, Mexico, and China, thereby invalidating a swath of his global duties and affirming that the Constitution grants taxing power, including tariff power, to Congress, not the president. In a swift and determined move to reassert control over his trade agenda, President Trump, within hours of the Supreme Court's ruling, issued an executive order declaring that the United States is experiencing fundamental international payments problems and imposed a new 10% tariff on imports from all countries under Section 122 of the Trade Act of 1974, effective 12:01 a.m. EST on February 24, 2026, with the administration subsequently threatening to raise this duty to 15% and preparing new national security investigations to justify further trade measures, a strategy that has ignited fresh concerns among businesses about potential price increases, the stability of existing trade agreements, and the broader implications for global commerce, as the president seeks to champion his economic policies and calm voters' economic anxieties despite persistent fears that tariffs could stoke higher prices and hurt the economy. Source: CityNews Toronto