"The new trade policy is based on Section 122 of the Trade Act of 1974, which allows the president to single-handedly and immediately charge tariffs of up to 15 percent if there are "large and serious" trade deficits. These tariffs only last 150 days unless Congress authorizes an extension. Like the International Emergency Economic Powers Act (IEEPA), the statute has never before been used by a US president in this way."
"President Trump is adding a new 10 percent tariff on nearly all imports to the United States, following a Supreme Court ruling that overturned most of the levies imposed by the US government last year. In an executive order signed Friday evening, Trump outlined a few exceptions, including imports of critical minerals, beef and fruits, cars, pharmaceuticals, and products from Canada or Mexico. The new tariffs will take effect on February 24, 2026."
President Trump is imposing a 10 percent tariff on nearly all imports to the United States with exceptions for critical minerals, beef and fruits, cars, pharmaceuticals, and products from Canada or Mexico. The tariffs will take effect on February 24, 2026. Trump criticized the six Supreme Court justices who overturned prior levies and singled out two justices he nominated. The policy invokes Section 122 of the Trade Act of 1974, permitting the president to impose up to 15 percent tariffs for "large and serious" trade deficits for 150 days. The administration can reissue Section 122 orders, shift legal rationales, or pursue national security trade investigations.
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