Trump administration races to rebuild tariff wall knocked down by Supreme Court
Summary
President Donald Trump's tariffs on many imported goods brought in a lot of money to the U.S. Treasury last year. However, the Supreme Court blocked the largest tariffs in February, causing that income to stop. The administration is now trying to find ways to restore those tariffs before they expire in July.Key Facts
- President Trump imposed high tariffs on imports from nearly all countries.
- These tariffs increased U.S. government revenue in the previous year.
- The Supreme Court ruled against the largest and most significant tariffs in February.
- After this ruling, the president used a law called Section 122 of the Trade Act of 1974 to impose 10% tariffs worldwide.
- Section 122 tariffs only last 150 days and are set to expire on July 24.
- To keep the tariffs beyond July, Congress must approve an extension.
- Lawmakers are unlikely to extend tariffs because of voter worries about rising living costs before the November midterm elections.
- The administration faces a tight deadline to create a new tariff plan to replace the lost revenue.
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