On Friday afternoon, President Trump declared that he is enacting a 10% tariff on the majority of foreign imports. This decision follows the Supreme Court’s rejection of a previously proposed baseline tariff rate announced by Trump last April.

“Today, I will sign an order to impose a 10% global tariff under Section 122, in addition to our existing tariffs,” Trump stated.

He further mentioned, “We are also launching several investigations under Section 301 and other provisions to safeguard our nation from the unfair trading practices of other countries and corporations.”

Under the Trade Act of 1974, Section 122 grants the President the authority to unilaterally implement tariffs of up to 15%, aimed at addressing balance-of-payments problems or preventing a severe decline in the value of the dollar.

Such tariffs may only remain effective for up to five months unless Congress provides additional approval. This marks the first instance of invoking this specific measure.