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Section 122

All articles tagged with #section 122

business18 days ago•4 min saved

Court narrows Trump tariffs for some, but most duties still apply

A U.S. Court of International Trade ruled the Trump administration’s 10% Section 122 tariff unlawful for a narrow group of plaintiffs but did not repeal the tariffs for most imports; this comes after a Supreme Court decision invalidated IEEPA tariffs and could unlock about $175 billion in refunds for importers, though duties remain in place for now with an average rate around 7.2%. The administration is expected to appeal, and policymakers may lean on Section 301 for future tariffs, while importers should monitor duties and preserve records for potential refunds.

via CBS News|

#business #refunds #section-122

politics19 days ago•3 min saved

Court rules Trump’s 10% tariffs unlawful, orders refunds

A U.S. Court of International Trade ruled 2-1 that the Trump administration’s global 10% tariffs under Section 122 were unlawful, ordering the government to stop collecting duties from Washington state and two plaintiffs and to refund the tariffs with interest. The decision said Section 122 requires a balance-of-payments deficit, not the deficits the administration cited, and did not issue a universal injunction against the tariffs. The White House may pursue longer-lasting tariff moves after investigations, but this ruling curtails this round of duties for the plaintiffs involved.

via CBS News|

#court-of-international-trade #politics #refunds

politics19 days ago•6 min saved

Court finds Trump's replacement tariffs unlawful, grants narrow relief

A divided U.S. Court of International Trade ruled that Trump’s 10% replacement tariffs, imposed under Section 122 of the Trade Act of 1974, are unlawful; the injunction covers only Washington state and two companies (Burlap & Barrel and Basic Fun!), leaving nationwide collection in place for now and likely prompting an appeal as the administration continues to pursue tariffs under other authorities.

via Politico|

#burlap-and-barrel #court-of-international-trade #politics

economy1 month ago•5 min saved

Court weighs Trump's global tariffs after Supreme Court setback

A U.S. Court of International Trade hearing in New York is considering overturning President Trump's temporary global tariffs after the Supreme Court ruled IEEPA could not justify them; Trump may rely on Section 122 of the Trade Act of 1974, which would allow up to 15% global tariffs for 150 days with congressional approval, but questions remain about its applicability to trade deficits and the tariffs' July 24 expiration.

via PBS|

#court-of-international-trade #economy #ieepa

business1 month ago•2 min saved

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.

via NBC News|

#business #court-of-international-trade #section-122

politics2 months ago•10 min saved

Trump's backup tariffs face fresh legal hurdles

After the Supreme Court blocked his initial tariffs, Trump faces new legal challenges to replacement 10% tariffs under Section 122 and a balance-of-payments rationale; foes argue exemptions violate the law's uniformity, while supporters say the president has some leeway. With April hearings and a July expiration looming, a final ruling could come after the tariffs expire, leaving room for potential re-upping or tweaks.

via Politico|

#balance-of-payments #politics #section-122

business2 months ago•3 min saved

States challenge Trump tariffs after Supreme Court ruling limits authority

Twenty-four states sue the Trump administration, arguing that new 10% tariffs under Section 122 (potentially rising to 15%) exceed presidential authority after the Supreme Court ruled IEEPA-based tariffs unlawful; they seek a court decision voiding the tariffs and refunds for costs incurred, as the White House defends the measures as restoring fair trade.

via CBS News|

#business #section-122 #state-attorneys-general

world3 months ago•6 min saved

Tariff upheaval leaves businesses and shoppers facing uncertainty

Following a Supreme Court ruling that blocked reciprocal tariffs, Trump invoked Section 122 of the Trade Act to impose a new 10% global tariff, later hinted to rise to 15%, creating widespread uncertainty for businesses and consumers as existing trade deals may be overridden, refunds for past levies remain unclear, and higher import costs could push prices higher, with UK exporters potentially facing billions in extra costs and firms considering diversification away from the US.

via BBC|

#section-122 #tariffs #trade-policy

business3 months ago•9 min saved

Trump's 15% Tariff Move Tests Legacy of U.S. Trade Deals

The Supreme Court ruled that Trump overstepped his authority in using IEEPA to impose tariffs, though tariffs under Section 232 remain; Trump then applied a blanket 15% tariff under Section 122 of the Trade Act of 1974 for 150 days with limited exemptions, unsettling existing trade deals and forcing partners to reassess negotiated rates as the White House signals possible Section 301 actions to restore reciprocal tariffs later.

via Al Jazeera|

#business #section-122 #supreme-court

business3 months ago•4 min saved

Trump taps emergency tariff rule to reimpose tariffs quickly, with time limits

After a Supreme Court ruling on tariffs, President Trump pivots to Section 122 of the Trade Act of 1974 to temporarily impose 10% tariffs on all foreign goods for up to 150 days, a fast-acting emergency authority that must be extended by Congress to endure; the tool is designed for short-term shocks and sits alongside other levers like Section 232, 301, and 338.

via Axios|

#business #emergency-authority #section-122

business1 year ago•3 min saved

Trump's Tariff Saga: Court Rulings and International Impacts

Despite legal setbacks, the Trump administration is likely to continue using various trade laws to impose or threaten tariffs, including Section 122, Section 232, and Section 301, to maintain leverage in trade negotiations and address trade deficits and national security concerns.

via CNN|

#business #section-122 #section-232