Court weighs Trump’s Section 122 tariffs after Supreme Court setback

The U.S. Court of International Trade is hearing arguments to overturn Trump’s temporary global tariffs authorized under Section 122 of the Trade Act of 1974 after the Supreme Court struck down his IEEPA-based tariffs; the 10% (potentially up to 15%) tariffs are set to expire July 24, and the central issue is whether Section 122’s reference to “fundamental international payments problems” can cover a trade deficit, a point critics say is outdated and one the court has suggested may be unnecessary since Section 122 is already available.