Trump Invokes Section 122: 10% Tariff on $1.2T of Imports (150 Days)

Four days after the Supreme Court's IEEPA ruling, President Trump invoked Section 122 of the Trade Act of 1974 — a rarely-used provision allowing emergency tariffs for 150 days — to reimpose a 10% tariff on approximately $1.2 trillion of US imports (roughly 34% of all goods imports). The Tax Foundation estimated the tariff would cost US households ~$600/year and reduce GDP by 0.2% long-run before potential retaliation by trading partners.