President Donald Trump has announced a temporary 10% global tariff, set to last 150 days. This measure, enacted under the Trade Act of 1974, replaces emergency duties previously struck down by the U.S. Supreme Court.
The new duties will be applied in addition to existing tariffs. The Trade Act of 1974 permits the president to impose duties of up to 15% for up to 150 days on all countries experiencing "large and serious" balance of payments issues, without requiring extensive investigations.
The Supreme Court had ruled that the president overstepped his authority with broad global tariffs previously imposed under the International Emergency Economic Powers Act.
In addition to the new tariffs, the Trump administration is launching several Section 301 investigations into unfair trade practices by other countries and companies. However, these investigations typically take months to complete, while the new tariffs are limited to 150 days.