Today, the Trump Administration announced massive new tariffs, supposedly authorized by Section 301 of the Trade Act of 1974:
The Trump administration on Thursday finalized new double-digit tariffs on dozens of U.S. trading partners as it seeks to reconstitute sweeping duties struck down by the Supreme Court in February.
The new duties, which range from 10 to 12.5 percent, follow a five-month investigation into trading partners' efforts to root out products made with forced labor from their supply chains and are set to take effect just as a temporary global 10 percent tariff expires.
Starting Friday, 17 trading partners — including Canada, the European Union, Indonesia, the United Kingdom and Mexico — will face a 10 percent duty, along with another 10 countries that agreed to address forced labor through signed trade agreements with the U.S.
Another 43 other countries, including Japan, China, South Korea and Australia, will face a 12.5 percent tariff rate….
