(Corrects to make clear in first paragraph that the promised 15% tariff has not yet come into effect, an initial 10% rate has been imposed.)
By Andrea Shalal and David Lawder
Feb 24 – President Donald Trump’s promised temporary 15% tariffs to replace those struck down by the U.S. Supreme Court are meant to resolve a problem that many economists say does not exist: a U.S. balance of payments crisis, making them potentially vulnerable to new legal challenges.
Hours after the high court on Friday struck down a huge swath of tariffs Trump had imposed under the International Emergency Economic Powers Act, the president announced the new duties under Section 122 of the Trade Act of 1974 — a never-used statute that even his own legal team dismissed as irrelevant months ago.
(Editing by Jon Boyle)
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