Axios: Trump employs unused law in new tariff playbook

‘The administration invoked the never-before-used Section 338 of the 1930 Smoot-Hawley Tariff Act and chose the maximum penalty allowed by the law: 50% duties, applied to roughly $20 billion of Canadian imports starting in August. The duties would raise the average tariff rate on Canadian goods by roughly 2.3 percentage points, according to Karl Schamotta, Corpay Cross-Border Solutions chief market strategist.’

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