Washington, March 7 (IANS) A US government agency is working on a new system to simplify the tariff refund process that could be ready in 45 days, a report said, as many companies seek refunds of the Trump administration’s emergency duties that the Supreme Court struck down last month.Brandon Lord, executive director of U.S. Customs and Border Protection (CBP)’s trade policy and programs directorate, unveiled the work on a streamlined process requiring “minimal submission” from importers, in a f…
Latest Section 122 News & Updates
Seoul, Feb 23 (IANS) South Korea will continue holding “amicable” consultations with the United States on tariff issues to safeguard the favourable export conditions secured through its bilateral trade deal with the US, Seoul’s industry minister said on Monday.Kim Jung-kwan, minister of trade, industry and resources, also vowed continued support for local businesses to boost their global competitiveness amid trade uncertainties, reports Yonhap news agency.”Under the principle of maximising natio…
Washington, Feb 22 (IANS) US President Donald Trump raised a newly imposed global tariff to 15 per cent, invoking Section 122 of the Trade Act of 1974 as reported by The Wall Street Journal, a move that escalates his trade offensive a day after the US Supreme Court struck down much of his earlier tariff regime.In a post on Truth Social, Trump said the increase followed “a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Ta…
New Delhi, Feb 21 (IANS) After the US Supreme Court struck down reciprocal tariffs imposed by the Donald Trump administration, the White House has released a Fact Sheet, explaining that Trump has now invoked his authority under “Section 122 of the Trade Act of 1974”, which empowers the President to address certain “fundamental international payment problems” through surcharges and other special import restrictions.The Proclamation imposes, for a period of 150 days, a 10 per cent “ad va…
Washington, Feb 21 (IANS) Countries that struck trade deals with President Donald Trump — including India, the United Kingdom, the European Union, and Japan — will temporarily face a uniform 10 per cent tariff following the Supreme Court’s decision restricting the administration’s use of emergency tariff powers under the International Economic Emergency Powers Act (IEEPA), the White House said“SCOTUS (Supreme Court of the United States) ruled that the President cannot impose tariffs us…
Washington, Feb 21 (IANS) US President Donald Trump has mounted a forceful and combative defence of his trade agenda after the Supreme Court curtailed his use of a key tariff authority, accusing unnamed “foreign interests” of influencing the justices, announcing a new 10 per cent global tariff and signalling that even steeper trade measures — including embargoes — could follow. Speaking at a White House news conference on Friday afternoon that blended grievance, policy, and political activism,…
Washington, Feb 21 (IANS) The White House has clarified that India will face a 10 per cent tariff temporarily following US President Donald Trump’s announcement of a new global tariff order, replacing the earlier International Emergency Economic Powers Act (IEEPA)-based duties that were struck down by the Supreme Court. “The 10 per cent would replace the IEEPA tariffs (50 U.S.C. 1701 et seq.) that were just struck down,” a White House official told IANS on Friday afternoon.Early this month, Trum…
Washington, Feb 21 (IANS) US President Donald Trump, lashed out at the Supreme Court after it struck down his use of a key tariff authority, calling the apex court’s verdict “deeply disappointing”, while announcing he would move immediately to other statutes — including a new “10 per cent global tariff” — that he said would keep his tariff programme intact. “The Supreme Court’s ruling on tariffs is deeply disappointing, and I’m ashamed of certain members of the court, absolutely ashamed, for n…