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Home IRS & Taxes

Congress Tariff Approval | Sec. 122 Trade Act of 1974

by TheAdviserMagazine
4 months ago
in IRS & Taxes
Reading Time: 1 min read
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Congress Tariff Approval | Sec. 122 Trade Act of 1974
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Recent history has shown a new bipartisanship when it comes to Congress’s role in our republic. Members elected to represent districts and states—from both parties—have stood by and allowed the president and the courts to determine major policies.

Following the recent Supreme Court ruling on tariffs, that will no longer be an option. According to the statute that the president has used to issue new tariffs, elected members in Congress will need to approve them. Otherwise, they will expire after 150 days.

Though the president’s approach to trade policy is far from optimal, and expiration of the tariffs would be preferable, it would be refreshing to see the House and the Senate take votes on the new tariffs that President Trump has imposed.

This is a preview of our full op-ed originally published in National Review.

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Stay informed on the taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policies impacting you.

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