Trump administration races to rebuild US tariff wall knocked down by Supreme Court
Summary
President Donald Trump’s tariffs on imports brought a lot of money into the U.S. Treasury last year. However, after the Supreme Court stopped the largest tariffs in February, tariff revenue dropped sharply. The administration is now working to replace the lost revenue by using other legal authorities to impose new tariffs before the current ones expire in late July.Key Facts
- Last year, tariffs set by President Trump on imports from many countries raised over $31 billion in revenue for the U.S. Treasury.
- The Supreme Court ruled in February that the president could not use emergency powers to impose some of these tariffs.
- After the ruling, importers were refunded some tariffs, causing a sharp drop and eventual loss in tariff income by June.
- The current 10% tariffs imposed under Section 122 of the Trade Act will expire on July 24.
- Congress is unlikely to extend these tariffs due to voter dissatisfaction before the November midterm elections.
- The administration plans to replace the expiring tariffs by using Section 301 of the Trade Act, which targets unfair trade practices by other countries.
- President Trump recently announced 25% tariffs on some imports from Brazil under Section 301.
- The process to impose Section 301 tariffs includes collecting public comments and holding hearings before they can be fully enforced.
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