Trump's 15% Tariff May Lower Trade Costs Short-term

The US Supreme Court, in a 6–3 ruling, struck down president Donald Trump’s tariffs imposed under the international emergency economic powers act, or IEEPA. Within hours, trump signed an executive order ending all IEEPA tariffs. But the tariff regime did not disappear. Instead, the administration moved quickly to replace them with a global 15 percent tariff under section 122 of the trade act of 1974, later increased to 15 percent.