The statute says a president can impose duties to deal with “large and serious” balance-of-payments deficits — an issue related to trade deficits, which some of the president’s IEEPA tariffs purport to address. But it also imposes a 150-day limit on the tariffs, unless Congress votes to extend them.

Businesses all over western Washington are trying to navigate tariffs. For some, it means raising prices for customers while others are trying to find ways to absorb the cost.

Forbes contributors publish independent expert analyses and insights. Pam Danziger reports on retail, focused on the luxury consumer market. Trump's sudden 100% tariff on Chinese imports, effective Nov. 1, severely impacts retailers already adjusting to ...

President Donald Trump introduced numerous tariffs on U.S. trade partners in 2025, promising the economy would benefit from them. His reasons for the tariffs varied from trade deficits to concerns about fentanyl entering the country. Video above: Will ...