Trade Act of 1974

law

Last mentioned: Mar 6, 2026

Timeline

  1. Multi-State Lawsuit

    24 states file suit in the U.S. Court of International Trade to block the new tariffs.

  2. Section 122 Invoked

    Trump administration announces new 10% tariffs using the Trade Act of 1974.

  3. SCOTUS Ruling

    Supreme Court rules 6-3 that IEEPA cannot be used for broad global tariffs.

  4. Record Revenue

    U.S. customs duties hit $287B for the fiscal year, up 192%.

Stories mentioning Trade Act of 1974 1

market-trends Bearish

24 States Challenge Trump's Section 122 Tariffs Following SCOTUS Defeat

A coalition of 24 states has filed a lawsuit against the Trump administration's new 10% global tariffs, alleging an unconstitutional overreach of executive power. The legal challenge centers on the unprecedented use of Section 122 of the Trade Act of 1974 following a Supreme Court ruling that invalidated previous tariff measures.

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