The Economic Times

What is Section 122 of the US Trade Act of 1974, Trumps latest tariff weapon for 10% extra duty on the world

President Trump announced a 10% global tariff under Section 122 of the Trade Act of 1974, shifting from the International Emergency Economic Powers Act (IEEPA) after a Supreme Court ruling. This new measure, permitted for temporary import surcharges due to international payments problems, can last up to 150 days and be up to 15%.