Trump may revive 1930 trade discrimination law for reciprocal US tariffs

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Trump may revive 1930 trade discrimination law for reciprocal US tariffs - Business Standard

Quick Summary:

The resulting mutually agreed Most Favored Nation (MFN) tariff rates formed the basis of the 1947 General Agreement on Tariffs and Trade (GATT) and its 1995 successor, the World Trade Organization.

On Monday, Trump simply modified his previous Section 232 metals proclamation to quickly raise aluminum tariffs to 25 per cent - matching steel tariffs - and to cancel all exemptions from steel and aluminum duties, effective March 12.

Section 338 is in that same category of fast-acting remedies, allowing the president to act unilaterally and impose tariffs in 30 days, said Nazak Nikakhtar, a former senior Commerce Department official during Trump's first term.