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US' Section 122 tariffs trigger volatility in chemical markets

Following a significant legal hurdle in the judiciary, the administration quickly pivoted, increasing the global tariff rate from ** per cent to ** per cent. This escalation came after the Supreme Court ruled *-* that the executive branch lacks the authority to implement sweeping, universal import taxes under the International Emergency Economic Powers Act (IEEPA).

By shifting the legal justification to Section ***, the administration has bypassed the court&#**;s restrictions on broad emergency powers while pursuing its primary economic goals: narrowing the US trade gap and incentivising the return of industrial production to American soil.