On February 20, President Donald Trump announced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974, shortly after the US Supreme Court invalidated the tariffs that had been imposed under the International Emergency Economic Powers Act (IEEPA). The new measure is scheduled to take effect on February 24 and may remain in place for up to 150 days unless Congress authorizes an extension. Over the weekend, President Trump indicated that the rate could rise to 15%, the statutory maximum under Section 122, but as of mid-day February 23 no formal order confirming the increase ...
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