Summary
President Trump plans to use Section 122 of the Trade Act of 1974 to reimpose tariffs after a Supreme Court decision affected his previous tariffs. This section allows for temporary tariffs for emergencies, with specific limits on time and amount. Trump intends to apply a 10% tariff on all foreign goods using an executive order.
Key Facts
- President Trump will use Section 122 to reimpose tariffs after the Supreme Court's decision.
- Section 122 allows for temporary tariffs during short-term emergencies.
- Trump plans a 10% tariff on all foreign goods.
- The tariffs under Section 122 can last up to 150 days unless Congress extends them.
- Section 122 limits the maximum temporary surcharge to 15%.
- Other trade options include Section 301 for investigating unfair trade practices and Section 232 for national security threats.
- Section 122 does not require investigations, allowing quick action by the president.
