Section 122

A provision of the Trade Act of 1974 allowing the President to impose temporary tariffs (maximum 150 days, maximum 15% rate) for balance-of-payments emergencies. After the Supreme Court struck down IEEPA tariffs, a 10% Section 122 global import surcharge was imposed, expiring July 24, 2026. It faces legal challenges arguing trade deficits don't qualify as balance-of-payments crises.