The Trump admin asked the U.S. Court of International Trade on Monday to pause its ruling blocking the president's Section 122 tariffs, warning that even a temporary halt could disrupt trade negotiations and trigger a surge in imports.
The U.S. Court of International Trade ruled 2-1 that Trump overstepped his authority by invoking Section 122 of the Trade Act of 1974 to impose a 10% global import duty, which he did without congressional approval.
President Trump said on Saturday that he would hike global tariffs to 15%, one day after the Supreme Court ruled a bulk of import taxes were illegal. Why it matters: The administration moved swiftly to replace the tariffs scrapped by the nation's highest court. Now Trump is upping the ante by raising the tariffs to the highest limit allowed under a separate trade law. What they're saying: In a post on Truth Social, Trump said that he would be raising the 10% global tariff to the "fully allowed, and legally tested, 15% level." The big picture: In a 6-3 decision, the Supreme Court said on Friday that Trump could not implement tariffs under the International Emergency Economic Powers Act. - Hours later, the administration said it would…
After the Supreme Court's shock decision on tariffs Friday, President Trump quickly pivoted to another trade law: Section 122 of the Trade Act of 1974 . Why it matters: The global break from President Trump's tariffs will only be temporary. For months, top Trump officials said they had a "Plan B" if the highest court blocked their signature economic policy — which could leave hefty import taxes on foreign consumer goods essentially intact. The big picture: Section 122 will allow Trump to reimpose some sweeping tariffs, at least temporarily. It's never before been invoked, representing a historic moment for presidential economic policy. - Section 122 was designed to address short-term emergencies, not long-term trade policies. Driving…
President Trump said Friday that he is "absolutely ashamed" of the Supreme Court after it struck down his sweeping tariffs agenda. Why it matters: Trump, who previously called the lawsuit the "most important case ever," was banking on tariffs to boost the U.S. economy, pay down the national debt, and fund domestic policy plans. - "The Supreme Court's ruling on tariffs is deeply disappointing," he said in Friday afternoon's news conference. The big picture: The Supreme Court's ruling is a blow to the administration's economic and foreign policy agendas and a rare rebuke of Trump's power. Zoom in: Trump said he could "destroy" other countries, despite the ruling. - "I'm allowed to destroy the country, but I can't charge them a little…
President Trump Friday said he would sign an executive order to impose 10% tariffs on all nations, replacing part of the tariffs overturned by the Supreme Court. Why it matters: It might be just the beginning of a patchwork of new tariffs imposed by the administration to remake the sweeping levies deemed illegal. What they're saying: "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. - It would be the first time the U.S. has invoked that trade authority to impose tariffs. Trump told reporters that the tariffs will be effective next week. - The move would replace the 10% tariff on global goods that the administration…