2017-01-09zerohedge.com

`` While Congress has the constitutional role to determine tariffs, over time it has delegated much of this authority to the president. As a result, the president has fairly broad authority to impose tariffs under US law, though not under international trade rules.[2] First, under the Trade Act of 1974, the president may impose up to 15% tariffs for up to 150 days to address a balance of payments deficit, without any claim of unfair trade practices. Second, if a trading partner is seen to be engaging in unfair practices, the same law allows the U.S. Trade Representative (USTR), acting on behalf of the president, to modify tariff rates when it finds the trading partners are violating trade agreements or foreign trade policy "restricts United States commerce". More generally, the Trading with the Enemy Act of 1917 was used by President Nixon to impose a temporary 10% tariff; along with the International Emergency Economic Powers Act of 1977, this would appear to give the Trump Administration the authority it would need to raise tariffs.''



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