President Trump said he would raise preexisting tariffs and begin the process of imposing new ones after the Supreme Court struck down many of his import taxes on foreign trading partners. During a White House press conference Friday, February 20, Trump announced he would impose a universal tariff of 10 percent and begin investigations that could lead to import taxes on a wide range of countries and goods.
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…
