Trump Imposes Recent Tariffs, Faces Legal Challenges
Former President Donald Trump has announced new tariffs across a broad range of imports, a move that is already drawing criticism and setting the stage for potential legal battles. The tariffs, utilizing Section 122 of the Trade Act of 1974, could reach up to 15% and remain in effect for up to 150 days, ostensibly to address U.S. Balance-of-payments deficits. This decision comes shortly after the Supreme Court struck down Trump’s previous “Liberation Day” tariffs.
The Wall Street Journal’s editorial board has voiced strong disapproval of the new tariffs, arguing that Trump should have “taken an off-ramp and forgo or pause new” ones. The board warned that the former president “is aiming in fury at the Supreme Court, but he will end up hitting the economy and Republicans in Congress.” The use of Section 122 is expected to create uncertainty for businesses and could face legal challenges.
The move also comes as scrutiny intensifies regarding the actual economic impact of Trump’s tariff policies. A recent report by the Associated Press fact-checked claims made by Trump in a Wall Street Journal opinion piece, finding that the economic benefits attributed to the tariffs were overstated.
Financial markets are reacting to the news, with some analysts suggesting potential opportunities arising from the legal challenges to the tariffs. Het Financieele Dagblad reports that Wall Street is anticipating potential gains if the tariffs are deemed unlawful.
The Dutch newspaper NRC characterized the situation as exposing a lack of courage within American politics, while de Volkskrant noted that Trump’s tariffs are increasingly missing their intended targets.
The implementation of a 10% import levy is now in effect, according to NU. The new tariffs are expected to further complicate international trade relations and could have ripple effects across various industries.
