UPDATE 3-New US tariffs come in at lower 10% rate

The United States imposed a new tariff from Tuesday of ​10% on all goods not covered by exemptions, the U.S. ‌Customs ​and Border Protection said, the rate first announced by President Donald Trump on Friday rather than the 15% he promised a day later.

Reacting to the U.S. Supreme Court ruling that threw out tariffs it deemed were illegally justified on grounds of an emergency, Trump initially announced ‌a new temporary global tariff of 10%. He said on Saturday he would increase it to 15%. But in a notice described as intended to "provide guidance regarding the February 20, 2026 Presidential Proclamation," CBP said that, aside from products covered by exemptions, imports would "be subject to an additional ad valorem rate of 10%."

UNCLEAR WHY LOWER RATE IS IMPOSED The move added to confusion surrounding U.S. trade ‌policy, with no explanation offered in the notice for why the lower rate had been used. The Financial Times quoted a White House official as saying the increase up to 15% ‌would come later. Reuters could not immediately confirm this.

"Remember that Trump is delivering the State of the Union address tonight, so it's possible we might get a better sense of the next steps on tariffs," Deutsche Bank said in a note. "Net-net we still think the effective tariff rate will fall this year and that the world post-SCOTUS will see lower tariffs than the pre-SCOTUS world," its analysts said, using the acronym for the Supreme Court of ⁠the U.S.

Despite the ​fact that a 10% tariff is less ⁠punitive than had been expected, traders cited uncertainty about the trade outlook as one reason why European shares opened lower on Tuesday, although the pan-European STOXX 600 index .STOXX was later trading flat. The new tariffs took effect at midnight, while ⁠collection of the tariffs annulled by the Supreme Court was halted. They had ranged from 10% to as much as 50%.

It remains unclear whether and how companies will be refunded for tariff payments made under the ​regime annulled by the Supreme Court. The Section 122 law allows the president to impose the new duties for up to 150 days to address "large and serious" balance-of-payments deficits and "fundamental ⁠international payments problems." Trump's tariff order argued that a serious balance-of-payments deficit existed in the form of a $1.2 trillion annual U.S. goods trade deficit, a current account deficit of 4% of GDP and a reversal of the U.S. primary income surplus.

TRUMP ⁠WARNS ​AGAINST RENEGING ON TRADE DEALS On Monday Trump warned countries against backing away from any previously negotiated trade deals with the U.S., warning he would hit them with much higher duties under different laws. Japan said it had asked the United States to ensure its treatment under a new tariff regime would be as favourable as in an existing agreement. The European Union, ⁠Britain and Taiwan all indicated a preference to stick to their deals too. Carsten Brzeski, global head of macro at ING, noted that even with the 150-day limit of the current ⁠set of measures, the trade uncertainty was unlikely ⁠to go away soon.

"Because the next thing that he (Trump) could do is always, with the interruption of one day, theoretically endlessly extend by 150 days," he said. China meanwhile urged Washington to abandon its "unilateral tariffs", indicating it was willing to hold another round of trade talks with the ‌world's largest economy, the country's commerce ‌ministry said in a statement on Tuesday. (Additional reporting by Francesco Canepa in Frankfurt; Writing by Mark ​John Editing by Peter Graff and Sharon Singleton)