US President Trump is planning to invoke new trade authorities in response to the Supreme Court’s ruling overturning his sweeping tariffs, according to NYT citing sources
Importance
Level 1
- "Some officials expected Mr. Trump to announce the new authorities at a news conference on Friday afternoon, but they cautioned that plans could change."
List of Options via NYT:
- Section 301, a portion of law that allows the U.S. government to investigate unfair trade practices and impose tariffs accordingly.
- Section 122, allows the President to Enact a baseline tariff of up to 15 percent on all countries to address issues related to the trade deficit, though the taxes on imports may only stay in place for 150 days unless Congress votes to extend them.
- "Mr. Trump’s aides have considered using both authorities, focusing any tariffs in the Section 301 process on countries that do not already have a trade deal, the people said."
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