Trump’s Section 122 Tariffs Challenged in Court as Consumer Sentiment Reaches Record Low
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A New York court is considering a case against President Donald Trump's latest tariffs, which were imposed using Section 122 of the Trade Act of 1974. The tariffs are being challenged by small businesses and two dozen states, who argue that they were improperly imposed and have contributed to a record low in consumer sentiment.
The Court of International Trade heard oral arguments against Trump's tariffs on Friday. The plaintiffs argue that the tariffs were imposed under an out-of-date provision with no historical precedent. The Trump administration claims that the US trade deficit constitutes a balance-of-payments deficit, justifying the tariffs. The court did not indicate when a decision would be made. The tariffs are set to expire in July, and the federal government is accelerating investigations to replace them with new tariffs. Consumer sentiment has reached a record low due to price increases and inflation, which rose to 3.3% in March. Gas prices spiked by over 21% in March, contributing to the decline in consumer sentiment.
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