“We will phase in a system of universal, baseline tariffs on most foreign products. As tariffs on foreign producers go up, taxes on American producers will go down and go down very substantially.”
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Executive Order 14257 (April 2, 2025) imposed a baseline tariff of at least 10% on imports from all trading partners under IEEPA, and that system operated for roughly ten months; separately, P.L. 119-21 (July 4, 2025) cut business taxes, including permanent full expensing for business property. On February 20, 2026, the Supreme Court held in Learning Resources, Inc. v. Trump that IEEPA does not authorize the President to impose tariffs, invalidating the baseline tariff's legal foundation. The administration immediately reimposed a worldwide tariff (10%, raised to 15%) under Section 122 of the Trade Act of 1974, which by statute lasts only 150 days without congressional approval and faces further litigation. As of July 2, 2026, universal baseline tariffs were in fact implemented and largely remain in effect, but the promised durable system was ruled unlawful and its replacement is temporary, supporting partial credit.
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