Snapshot · Schwab Network
Temporary U.S. tariffs brought under Section 122 of the Trade Act of 1974 will expire at 12:01 a.m. Eastern on Friday unless Congress intervenes.
Where this was said
At 3:25 · chapter starts 3:23
The tariff calendar is about to flip. U.S. Trade Representative Jameson Grier told markets that new trade actions could be announced imminently as the administration finalises its strategy before temporary Section 122 tariffs under the 1974 Trade Act lapse at 12:01 a.m. Eastern on Friday. [1] — Marley Kayden "Temporary U.S. tariffs under Section 122 of the 1974 Trade Act expire at 12:01 a.m. Friday with no congressional action expected. New dutie…" 03:23 Congress has shown no appetite to intervene, meaning the expiration is effectively certain. The administration's next move appears to be a pivot to Section 301 — a separate provision of the same 1974 trade law that allows for retaliatory measures against alleged unfair foreign trade practices, in this case forced labor. Separately, President Trump has already imposed a 50% tariff on most Canadian goods, citing what he characterised as discriminatory trade barriers affecting American auto, dairy, and alcohol sectors — ratcheting up pressure on a long-standing trade relationship.
Temporary U.S. tariffs under Section 122 of the 1974 Trade Act expire at 12:01 a.m. Friday with no congressional action expected. New duties will likely come under Section 301, framed around alleged forced labor — and a 50% tariff on most Canadian goods is already in place.
President Trump imposed a 50% tariff on most Canadian goods, citing discriminatory Canadian trade barriers on American auto, dairy, and alcohol industries.
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