https://www.taxtmi.com/news?id=72692 US federal court decision examined the legality of a 10 per cent global tariff imposed under the Trade Act of 1974 and held that the statutory provisions invoked for the import surcharges were limited to a balance-of-payments crisis. The majority found that the government's reading of Section 122 would confer an impermissibly expansive tariff power and that the President's proclamation did not assert the conditions required by the statute for lawfully imposing the surcharge. en-us Fri, 08 May 2026 09:01:04 +0530 Fri, 08 May 2026 09:01:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=72692 US federal court decision examined the legality of a 10 per cent global tariff imposed under the Trade Act of 1974 and held that the statutory provisions invoked for the import surcharges were limited to a balance-of-payments crisis. The majority found that the government's reading of Section 122 would confer an impermissibly expansive tariff power and that the President's proclamation did not assert the conditions required by the statute for lawfully imposing the surcharge. News - Fri, 08 May 2026 09:01:04 +0530 https://www.taxtmi.com/news?id=72692