🚀 Check out this must-read post from WIRED 📖
📂 **Category**: Business,Business / Retail and Logistics,Trump Charge
💡 **What You’ll Learn**:
President Trump is Adding a new 10% tariff on nearly all imports into the United States, following a Supreme Court ruling that eliminated most duties imposed by the US government last year.
In an executive order signed Friday evening, Trump specified some exceptions, including imports of critical minerals, beef, fruit, automobiles, pharmaceuticals and products from Canada or Mexico. The new tariffs will take effect on February 24, 2026.
At a news conference Friday afternoon, Trump fumed over the Supreme Court’s decision and resorted to personal attacks, calling the six justices who ruled against his trade policies a “disgrace to our nation.” In response to a journalist’s question about how two of the justices he nominated, Neil Gorsuch and Amy Coney Barrett, voted to overturn the decision, Trump described them as “an embarrassment to their families.”
The new trade policy is based on Section 122 of the Trade Act of 1974, which allows the president to unilaterally and immediately impose tariffs of up to 15% if there is a “large and serious” trade deficit. These tariffs last for only 150 days unless Congress authorizes an extension. Like the International Emergency Economic Powers Act (IEEPA), this law has never before been used by any US president in this way.
Once the 150-day deadline arrives, Trump could still reissue Section 122 tariffs. But the administration could also use that time to prepare other forms of tariffs, essentially shifting legal justifications to get the same regulatory effects, says Gregory Hosesian, a partner and litigation attorney at Foley & Lardner LLP, which has helped more than a hundred companies file for tariff rollbacks. “[Section 122 tariff] “It’s for a limited time, so it will serve as a bridge salad,” Hosesian says.
Meanwhile, the Trump administration could expedite the process of conducting trade investigations based on national security concerns or unfair trade practices abroad, which are a condition for triggering Section 301 and Section 232 tariffs. “We are also initiating several investigations under Section 301 and others to protect our country from the unfair trade practices of other countries and companies,” Trump said at the news conference, referring to other tariff options that would take longer to roll out.
In a separate executive order, the administration confirmed that although the IEEPA tariffs were eliminated, the de minimis exemption — which is used to exempt e-commerce packages worth less than $800 from taxes — remains suspended. The expiration of the minimum last year caused massive backlogs in package processing at the US border, as well as price increases on budget shopping platforms.
At the press conference, Trump did not specify what exactly would happen to companies seeking refunds on tariff payments. The Supreme Court’s decision did not specify whether and how customs duties should be recovered. In response to a journalist’s question about this matter, Trump said that he expected a lawsuit to be filed in this case.
Experts tell WIRED they expect the refund process to be messy and lengthy, because it could require companies to file complaints and calculate the amount of money they think they’re entitled to. The government can also fall back on the calculated amount. The process can last from a few months to more than two years.
The Supreme Court decision determined that the IEEPA gives the president significant authority during emergencies, but noted that this authority does not extend to taxes. Trump, at the press conference, repeatedly twisted the ruling: “But now the court has given me the indisputable right to ban all kinds of things from coming into our country, from destroying foreign countries…but not the right to impose tariffs.” “How crazy is this?”
At times, the news conference devolved into a rant about issues unrelated to tariffs, such as how the president thinks Europe is too woke or how much he hates Federal Reserve Chairman Jerome Powell. Speaking about how the court interpreted the literal meaning of the IEEPA, Trump suddenly began bragging about his reading comprehension skills. “I read the paragraphs. I read very well. Great comprehension,” he said.
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