Understanding Trump's Tariffs and Their Impact

This chapter explores the implications of President Trump's significant tariffs, particularly the 67 percent rate, and the ensuing financial turmoil that wiped $2 trillion from the S&P 500. It delves into the legal foundations provided by the International Emergency Economic Powers Act and discusses the bipartisan efforts in Congress to reclaim authority over tariff approvals. Additionally, the chapter examines the broader ramifications for businesses and international trade, including the risk of retaliatory measures and the complexities of compliance for companies importing goods into the U.S.