Section 122 Tariffs Struck Down

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From Bloomberg:

President Donald Trump’s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration’s economic agenda, several months after the US Supreme Court vacated earlier levies he’d imposed.

A divided three-judge panel at the US Court of International Trade in Manhattan on Thursday granted a request by a group of small businesses and two dozen mostly Democrat-led states to vacate the tariffs. Trump imposed the 10% duties in February under Section 122 of the Trade Act of 1974, which had never previously been invoked.

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A worried Econ Watcher

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The Bureau of Economic Analysis announced today that seasonally adjusted U.S. real GDP grew at a 2% annual rate in the first quarter. That is below the historical average growth of 3.1% and also below some analysts’ expectations for the Q1 numbers. The new BEA report also revised down the estimate of the Q4 annual growth rate. The latter was originally reported to have been 1.4% but is now estimated to have only been 0.5%.
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