Trump tariffs lower than expected

On Tuesday, U.S. Customs and Border Protection issued a notice that all imports will “be subject to an additional ad valorem rate of 10 percent” with exceptions for certain products covered by preexisting exemptions. The notice did not explain why the percentage differs from the 15 percent global tariff President Trump announced on Saturday. Since the Supreme Court ruled President Trump’s tariffs under the 1977 International Emergency Economic Powers Act unconstitutional last week, these new tariffs are being implemented under Section 122 of the Trade Act of 1974. Absent an extension from Congress, these tariffs will remain in effect for only 150 days. Speaker of the House Mike Johnson has acknowledged that members of Congress are currently unlikely to vote for an extension.