Trump (U.S. President)Tèlǎngpǔ特朗普to invoke / to cite (legal authority)yuányǐn援引《Trade ActMàoyì Fǎ贸易法》Section 122dì yī bǎi èrshíèr tiáo第一百二十二条on / againstduì对allsuǒyǒu所有importedjìnkǒu进口goodsshāngpǐn商品to levy / to imposezhēngshōu征收10 percentbǎifēnzhī shí百分之十tariffguānshuì关税。
February 24, 2026 at 2:00 PM
New Words
News in English
BusinessTrump Invokes Section 122 of the Trade Act to Impose 10 Percent Tariff on All Imports
After the Supreme Court struck down tariffs imposed under IEEPA, the Trump administration imposed a 10 percent surcharge on all imports starting February 24 under Section 122 of the Trade Act of 1974. The move has triggered a legal challenge from 24 states and will automatically expire after 150 days unless extended by Congress.
The United States Supreme Court ruled on February 20th that the president has no authority to invoke the International Emergency Economic Powers Act to levy tariffs, forcing the Trump government to seek new legal authorization.
Several days later, President Trump invoked Section 122 of the 1974 Trade Act, signing a presidential proclamation imposing a 10 percent surcharge on all imported goods, which formally took effect on February 24th.
Section 122 authorizes the president to levy up to 15 percent tariffs within no more than 150 days, with extension beyond that period requiring Congressional approval.
This surcharge exempted goods from Canada and Mexico compliant with the USMCA, as well as energy, critical minerals, agricultural products, pharmaceuticals, and electronic products.
Trump subsequently announced plans to raise the tariff rate to 15 percent, but as of early March had not yet issued a formal executive order.
On March 5th, 24 states jointly filed a lawsuit against the US Court of International Trade, demanding to stop enforcement of these tariffs.
Yale University's Budget Lab data shows Trump's tariff measures since taking office represent the largest tax increase in the United States since 1993, projected to add approximately $1,500 average financial burden per household.
Analysts pointed out that under dual judicial and Congressional authorization constraints, the long-term direction of new tariff policy still presents major uncertainty.
More in Business
MomentaMóméng tǎ摩蒙塔Hong KongXiānggǎng香港listedshàngshì上市fundraisingróngjī融资$752 million7.52 yì měiyuán7.52亿美元
Chinese Autonomous Driving Firm Momenta Debuts on Hong Kong Stock Exchange with 752 Million Fundraise
Samsung (South Korean electronics company)Sānxīng三星、SK Hynix (South Korean memory chipmaker)SK HǎilìshìSK海力士and / together withyǔ与Micron (US semiconductor company)Měiguāng美光to race to / to vie injìngxiāng竞相to expand / to increasekuòdà扩大AI / artificial intelligenceAIAImemory (computing)nèicún内存chip / semiconductor chipxīnpiàn芯片production capacitychǎnnéng产能。
Samsung, SK Hynix and Micron Race to Expand AI Memory Chip Capacity
ChinaZhōngguó中国artificial intelligenceréngōng zhìnéng人工智能companygōngsī公司MiniMax (Chinese AI company)MiniMaxMiniMaxto completewánchéng完成$2 billionèrshí yì měiyuán二十亿美元fundraising / financingróngzī融资。
Chinese AI Firm MiniMax Raises 2 Billion Dollars in Hong Kong Share Sale
PepsiCoBǎishì Gōngsī百事公司earnings / performanceyèjī业绩lower than / belowdīyú低于expectation / forecastyùqī预期,the United StatesMěiguó美国stock marketgǔshì股市slightly / marginallyxiǎofú小幅to rise / to increaseshàngzhǎng上涨。
PepsiCo Earnings Disappoint as US Stocks Edge Higher