After last Friday's Supreme Court ruling striking down the tariffs President Trump imposed using IEEPA, he wasted no time introducing a new global tariff rate of 15% using another law. However, much like with his use of IEEPA, the President is using an incorrect interpretation of the Trade Act of 1974 to justify this new tariff.
Trump is pulling Section 122 of this law, which states that Presidents can impose tariffs of up to 15% for up to 150 days to "deal with large and serious United States balance-of-payments deficits." The President is either misinterpreting that section, or simply lying that means trade deficits. That is not the case. This article does a better job of explaining what a balance-of-payments deficit is.
Posted by ILikeTuwtles1991
4 Comments
It’s funny that he won’t even ask for authorization *from Congress* even though he controls Congress.
Anyway, another year for this one to chug through the courts. Lawbreaking is so much faster than the legal process.
Any tarriff not passed by congress is an illegal tax on the American people. From throwing tea into the Harbor to letting some fat orange fuck tax us illegally.
Leaving your hand on the stove to own the libs, Your hand is now a skeletons hand. the factories arent coming back. Its getting dark outside,
As long as it takes a year for the court to stop them, doing illegal things one after the other sure seems like a winning strategy