Trump imposes 10% global tariff under Section 122, citing payments deficit

Four days after the Supreme Court struck down his IEEPA tariffs, President Trump signed Proclamation No. 11012 imposing a 10% additional tariff on all imports under Section 122 of the Trade Act of 1974. The administration cited the United States' $1.2 trillion goods trade deficit and negative net international investment position as evidence of a balance-of-payments deficit triggering Section 122 authority. The tariff was set to expire after 150 days on July 24, 2026 unless Congress extended it.