Trump Eyes Two-Stage Tariffs On April 2 To ‘Strengthen Legal Framework’: Report
Among proposals his team has been discussing is a plan to launch so-called Section 301 investigations into trading partners, while simultaneously using rarely invoked emergency powers to apply immediate tariffs in the interim. -FT
Speaking Monday, Trump vowed “substantial” tariffs on U.S. trading partners, though he also suggested the possibility of selective leniency. “They’ve charged us so much that I’m embarrassed to charge them what they’ve charged us,” Trump said – hours after announcing new tariffs on buyers of Venezuelan oil, including China. “But it’ll be substantial.”
According to the Financial Times, officials close to the matter say the administration is eyeing an immediate deployment of tariffs using emergency authorities such as the International Emergency Economic Powers Act (IEEPA), or Section 338 of the Tariff Act of 1930 – a provision that permits duties of up to 50% on foreign goods on trading partners.
One more obscure route, now considered a long shot, involves Section 122 of the 1974 Act, which permits temporary tariffs of up to 15% for 150 days – a stopgap measure that may not deliver the revenue or optics the former president is seeking.
Lawyers and people familiar with the plans also told FT that Trump could immediately slap tariffs on vehicle imports on April 2, reviving a national security study into the global auto industry from his first term.
On Monday, Trump said tariffs on cars could be announced “over the next few days.”