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February 24, 2026 February 24, 2026 - Current affairs for all the Exams: US Halts Illegal Tariffs Following Supreme Court Ruling; President Trump Set for 2026 State of the Union Address

On February 24, 2026, the United States officially ceased the collection of tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA) following a landmark Supreme Court ruling. The shift occurs as President Donald Trump prepares for his State of the Union address, which is expected to solidify a new "America First" trade strategy, including a replacement 15% blanket tariff.

In a major shift for global trade, the U.S. Customs and Border Protection (CBP) agency announced the official cessation of tariff collections under the International Emergency Economic Powers Act (IEEPA), effective at 12:01 a.m. on February 24, 2026. This move follows a U.S. Supreme Court ruling that declared the duties illegal, potentially making over $175 billion in past revenue subject to refunds. However, the administration has immediately moved to implement a new 15% blanket global tariff under different legal authorities to maintain its protectionist economic stance.

The tariff reset coincides with President Donald Trump’s State of the Union address scheduled for Tuesday night. The speech is expected to outline the administration's 2026 priorities, focusing on "America First" nationalism, aggressive deportation operations, and a "New Great Game" competition with China and Russia for control over rare earth minerals and fossil fuels. Analysts suggest the address will mark a definitive break from 80 years of international institutional norms.

Other significant global events from the last 24 hours include:

  • Zimbabwe HIV Breakthrough: Zimbabwe has become one of the first nations to begin the mass distribution of Lenacapavir, a long-acting HIV prevention injection administered only twice a year. The rollout targets high-risk groups and is supported by PEPFAR and the Global Fund.

  • Estonia Independence Day: Estonia marks its 108th Independence Day with ceremonies in Tallinn, highlighting Baltic security concerns amidst ongoing regional tensions.

  • India-France Innovation Year: The 2026 India-France Year of Innovation officially commenced, focusing on joint research in Artificial Intelligence (AI), cybersecurity, and health-tech collaborations between AIIMS New Delhi and French institutions.

  • ASEAN Diplomacy: Japan has pledged continued support for the ASEAN Observer Team to de-escalate long-standing border tensions between Cambodia and Thailand.

For students of competitive exams, these developments highlight a period of judicial intervention in executive trade powers and a significant shift toward bilateralism over multilateral global governance.

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