The U.S. Treasury last year swelled with revenue from President Donald Trump’s double-digit taxes on imports from almost every country on earth.
But the money dried up after the Supreme Court struck down the biggest and boldest of Trump’s tariffs in February.
The question now is: Can the president’s trade team make good on its promise to replace the lost revenue?
A deadline is approaching rapidly.
After the Supreme Court setback, the president turned first to Section 122 of the Trade Act of 1974 to impose 10% tariffs globally. But Section 122 only authorizes tariffs for 150 days. Trump’s expire on July 24. Congress would have to extend those tariffs — something lawmakers are unlikely to do as the Nov. 3 midterm elections approach amid voter discontent over the high cost of living.
