US government is working on new tariff plan: Report
After the Supreme Court struck down $1.6 trillion in import taxes, the Trump administration is working on a fresh tariff plan to make up for that lost revenue and keep its tax cuts going.
But as Elena Patel from the Urban-Brookings Tax Policy Center points out, it might not be easy to pull off; setting up new tariffs takes time and doesn't always deliver quick results.
Plan uses Section 301 of the Trade Act
The new plan uses Section 301 of the Trade Act of 1974 to investigate imports from places like the European Union, China, and Japan, mainly checking if their industries are getting unfair support.
There's also a look into forced labor issues in Mexico and Brazil.
According to Erica York at the Tax Foundation, this sweeping approach targets about 70% of imports and aims to build a more solid tariff system overall.
Key hearings are set for April and May so affected industries can weigh in.