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New tariffs, new uncertainty
It took only a few hours after the US Supreme Court had ruled against the US administration’s emergency tariffs from 'Liberation Day' (here is our original reaction piece), before President Donald Trump announced a new round of tariffs. As expected, the US administration is invoking Section 122 of the 1974 Trade Act, which allows tariffs of up to 15% for as long as 150 days to quickly address “international payment problems”. The tariffs would expire after 150 days unless Congress extends them. However, the President could, in theory, allow the surcharge to expire, declare a new emergency, and restart the ... (full story)