Trump raises global tariffs to 15%: What are IEEPA, Section 122, Section 232, Section 301? Understanding the laws

In a significant move, US President Donald Trump has raised global tariffs to 15%, implementing this new baseline under Section 122 of the 1974 Trade Act. This decision follows a Supreme Court ruling that invalidated previous tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The change in tariffs brings several legal frameworks into focus, including Section 232, which addresses national security concerns related to imports, and Section 301, which allows for penalties on countries engaging in unfair trade practices. The implications of these tariffs are profound, affecting international trade relations and potentially escalating trade tensions between the United States and other nations. Understanding these legal provisions is crucial for grasping the broader economic landscape and the potential repercussions for global markets, particularly in light of ongoing trade disputes. As Trump navigates these legal frameworks, businesses and governments alike are left to assess how these tariff changes will impact their strategies and economic health.