On Friday, February 20, the Supreme Court ruled that President Trump exceeded his power when he imposed the reciprocal and fentanyl-related tariffs by using the International Emergency Economic Powers Act of 1977 (IEEPA). On the same day, President Trump imposed a new 10% global tariff based on Section 122 of the Trade Act of 1974. On Saturday, Trump raised this global tariff to 15%. In this special report we discuss the various legal alternatives to the IEEPA as a means of imposing tariffs. Then we address the implications for trading partners of the US, the average tariff rate, government revenue from tariffs, and ... (full story)