US exports climbed 4.2%, or $12.6 billion, to a record $314.8 billion in February 2026, driven by an $11.5 billion increase in goods exports, with nonmonetary gold (+$8.0 billion) and natural gas (+$1.3 billion) leading the gains. Services exports also rose $1.1 billion, supported by growth in travel, business services, financial services, and charges for the use of intellectual property. The export surge coincided with another major shift in US tariff policy. On February 20, the Supreme Court struck down a central pillar of President Trump’s trade agenda, broad global duties under the IEEPA, forcing the administration to impose emergency tariffs under a separate statute. However, this authority expires in July, leaving officials racing to find new legal grounds to maintain protectionist barriers.

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