"Driving the news: Trump said he would sign an executive order to impose 10% tariffs on all nations, replacing part of the tariffs overturned by the Supreme Court on Friday. Trump pointed to other measures to impose tariffs, including Section 232 of the Trade Expansion Act of 1962 - the statute that underpins the administration's levies on aluminum and steel."
"Trump said during a White House briefing Friday that his executive order would apply a 10% tariff on all foreign goods. The provision is sweeping, but unlike IEEPA, it limits how long tariffs can be imposed (150 days) and how high the tariffs can be. After the 150-day period, it requires Congress to extend the measures. Zoom out: It gives the president authority to impose temporary restrictions, like tariffs or quotas, on goods from other countries based on specific conditions. That temporary surcharge cannot exceed 15%."
Section 122 authorizes the president to impose temporary trade restrictions, including tariffs or quotas, under specified emergency conditions. The provision allows a global surcharge up to 15% and limits presidential action to 150 days unless Congress extends it. The statute does not require the investigations that other trade laws demand, enabling faster executive action. Trump announced plans to sign an executive order applying a 10% tariff on all foreign goods and referenced Section 232 as another legal basis for steel and aluminum levies. The Supreme Court limited IEEPA use but did not eliminate tariffs as an available tool.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]