President Trump announced Friday afternoon that he’s signing documents to impose a 10% tariff on most foreign imports — after that baseline rate, which Trump announced last April, was struck down by the Supreme Court.
“Today, I will sign an order to impose a 10% global tariff under Section 122, over and above our normal tariffs already being charged,” Trump said.
“And we’re also initiating several Section 301 and other investigations to protect our country from unfair trading practices of other countries and companies.”
Section 122 of the Trade Act of 1974 allows Trump to unilaterally impose up to 15% tariffs to remedy balance-of-payments issues or prevent “imminent and significant” depreciation of the dollar.
Those tariffs can only be in place for up to five months without congressional approval. Trump’s announcement marks the first time it has been invoked.
