"Trump previously said he was implementing the new baseline duty under Section 122 of the Trade Act of 1974, which grants the president unilateral ability to impose tariffs. But the untested legal provision puts a 150-day limit on how long the duties can remain in place. Congress would need to approve any extension. The Supreme Court, in a 6-3 decision handed down earlier Friday, ruled that Trump's use of a decades-old federal emergency-powers law to impose his so-called "reciprocal" tariffs was unlawful."
"The justices invalidated those tariffs along with duties on goods from Canada, Mexico and China that Trump imposed in the name of addressing fentanyl trafficking. The ruling also casts doubt on separate IEEPA tariffs placed on goods from Brazil and India. Along with the flat 10% rate, Trump said he would keep in place existing import taxes under Section 301 and Section 232 and signaled plans to launch more trade investigations."
President Donald Trump signed an executive order imposing a 10% global tariff on foreign goods, effective almost immediately. Text of the executive action was not immediately available. Trump indicated the rate would be implemented under Section 122 of the Trade Act of 1974, a provision that allows unilateral presidential tariffs but limits duties to 150 days without congressional approval. The Supreme Court ruled that prior tariffs imposed under the International Emergency Economic Powers Act were unlawful and invalidated several levies, including duties on goods from Canada, Mexico and China. Trump said he would maintain Section 301 and Section 232 tariffs and pursue further trade investigations.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]