Trump’s new tariff strategy: New import taxes implemented to replace those struck down by Supreme Court

The High Court struck down President Trump’s sweeping global tariffs, ruling he overstepped his authority by using the International Emergency Economic Powers Act (IEEPA); consequently, the administration has pivoted to a more durable legal strategy. The government must now refund $166 billion to importers. To stem the revenue loss, the administration used Section 122 of the Trade Act to slap a temporary 10% tariff on imports. However, these expire on July 24, and Congress is unlikely to extend them due to the upcoming midterm elections. The administration is now fast-tracking investigations under Section 301. Unlike the IEEPA, Section 301 tariffs…