On February 20, 2026, the U.S. Supreme Court ruled 6-3 that the White House exceeded its authority by using the International Emergency Economic Powers Act (IEEPA) for broad reciprocal tariffs. Within hours, President Trump announced a temporary 10% global tariff under Section 122 of the Trade Act of 1974 for up to 150 days, then signaled a harder line and moved to 15% on February 22. The legal channel changed, but tariff pressure remained active. [1][2][3][4][6]
For Vietnam-based executives, the most important judgment is that this is not a normalization phase. It is a transition into a more procedural but still aggressive tariff regime, with Section 122, Section 301, and sector-specific tools operating in parallel while U.S. officials insist existing deals remain in force. The practical risk is policy velocity: fast changes in rates, exemptions, and enforcement that can disrupt pricing, contracts, and shipment timing even when headline negotiations appear stable. [2][6][7][8]
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