The Fiscal Times
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Source: The Fiscal Times
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The U.S. Treasury's revenue from import tariffs declined sharply after the Supreme Court struck down President Trump's largest tariffs. The administration is now aiming to replace lost income by using legal authorities under Section 301 of the Trade Act of 1974, which allows tariffs against countries engaging in unfair trade practices. Officials expect to implement new Section 301 tariffs soon, including measures targeting countries for alleged forced labor and overproduction, with the goal of restoring previous tariff levels before the July 24 deadline.
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