""Today I will sign an order to impose a 10% global tariff under Section 122, over and above our normal tariffs already being charged," Trump said in a briefing room. Between the lines: The provision in the Trade Act of 1974 is fairly sweeping,"
"Unlike the International Emergency Economic Powers Act - which the Supreme Court says cannot be used to impose tariffs - it limits how long tariffs can be imposed and how high the tariffs can be. It allows Trump to impose tariffs of up to 15% for 150 days to address trade deficits or a dollar crisis."
A presidential order will impose a 10% global tariff under Section 122 of the Trade Act of 1974, applied in addition to existing tariffs. Section 122 authorizes temporary tariffs to address trade imbalances or a dollar crisis. The provision permits tariffs of up to 15% for a period of 150 days. The International Emergency Economic Powers Act cannot be used to impose tariffs according to the Supreme Court. Section 122 differs by specifying explicit limits on both duration and maximum tariff levels, and targets global rather than country-specific duties.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]