Trade Act of 1974

Technology

Last mentioned: Mar 6, 2026

Timeline

  1. Multi-State Lawsuit

    24 states file a formal challenge against the new global tariff structure.

  2. Effective Date

    The new 10% global tariff officially takes effect for all imports entering the United States.

  3. White House Clarification

    Officials confirm the 10% rate replaces previous higher tariffs for partners like India until further notice.

  4. New Executive Order

    President Trump signs an order for a 10% global tariff under Section 122 of the Trade Act of 1974.

  5. CRS Report

    Congressional Research Service highlights the lack of precedent for Section 122 usage.

  6. SCOTUS Ruling

    Supreme Court strikes down IEEPA-based tariffs in a 6-3 decision, citing lack of explicit congressional authorization.

  7. Executive Order Signed

    Trump signs a new order invoking Section 122 of the Trade Act of 1974 for a 10% global tariff.

  8. SCOTUS Ruling Issued

    The Supreme Court strikes down the use of IEEPA for broad-based tariffs in a 6-3 decision.

  9. Executive Response

    VP JD Vance criticizes the court on social media, calling the decision an act of lawlessness.

  10. SCOTUS Ruling

    Supreme Court strikes down IEEPA-based tariffs in a 6-3 decision.

  11. Record Revenue

    U.S. customs duties reach $287 billion for the fiscal year.

Stories mentioning Trade Act of 1974 3

Regulation Bearish

States Sue Trump Administration Over 'Unlawful' Section 122 Global Tariffs

A coalition of 24 states has filed a lawsuit against the Trump administration, alleging that newly imposed 10% to 15% global tariffs exceed executive authority. The legal challenge centers on the unprecedented use of Section 122 of the Trade Act of 1974 following a Supreme Court ruling that invalidated previous emergency tariff measures.

2 sources
Regulation Bearish

Trump Pivots to 1974 Trade Act for 10% Tariff After SCOTUS Defeat

Following a landmark 6-3 Supreme Court ruling that curtailed executive authority under the IEEPA, President Trump has invoked Section 122 of the Trade Act of 1974 to impose a new 10% global tariff. The move attempts to bypass constitutional restrictions on the executive's power to levy duties while maintaining a protectionist stance toward trade partners like India.

2 sources
Court Decisions Bearish

SCOTUS Strikes Down IEEPA Tariffs; Trump Pivots to Trade Act Section 122

The U.S. Supreme Court ruled 6-3 that the executive branch exceeded its authority by using the International Emergency Economic Powers Act to impose broad tariffs. In a swift response, Vice President JD Vance condemned the decision while President Trump invoked Section 122 of the Trade Act of 1974 to implement a new 10% global tariff.

2 sources

About Trade Act of 1974 coverage

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