Last mentioned: 6h ago
Expiration Deadline
Section 122 tariffs expire unless Congress grants formal approval for extension.
Implementation Date
New 15% global tariffs scheduled to go into effect for all US imports.
Section 122 Invocation
President Trump signs an executive order imposing a 10% global tariff surcharge under the Trade Act of 1974.
Tariff Escalation
Trump announces on Truth Social that the rate will increase to 15%.
Supreme Court Ruling
SCOTUS strikes down IEEPA-based tariffs in a 6-3 decision, citing lack of explicit Congressional authorization.
Vance Response
VP JD Vance criticizes the court on X, claiming the ruling undermines the President's ability to protect American industry.
SCOTUS Ruling
Supreme Court strikes down IEEPA-based tariffs as unconstitutional.
Initial Pivot
Trump signs a proclamation for a 10% replacement tariff under Section 122.
Following a Supreme Court ruling that invalidated previous trade levies, President Trump has announced a new 15% global tariff under the 1974 Trade Act. The move creates immediate supply chain volatility and potential for $130 billion in corporate tax refunds.
The U.S. Supreme Court has struck down the administration's use of the International Emergency Economic Powers Act (IEEPA) to levy broad-based tariffs, ruling the move exceeded executive authority. In response, President Trump immediately invoked Section 122 of the Trade Act of 1974 to impose a new 10% global tariff surcharge.
The U.S. Supreme Court has ruled 6-3 against the use of the 1977 International Emergency Economic Powers Act to impose broad global tariffs. This decision significantly limits executive authority over trade and provides immediate relief to retailers facing surging landed costs.