After the Supreme Court struck down tariffs introduced under the International Emergency Economic Powers Act, the president responded by announcing a new global tariff of 15 percent. This was based on Section 122 of the Trade Act of 1974, which allows for the application of various Band-Aids to problems arising out of large and serious U.S. balance-of-payments deficits. The administration’s use of Section 122 to impose tariffs (which was unprecedented) has come under legal attack. But at this point that’s moot (apart from the tricky issue of the tariffs that have already been paid), as Section 122 tariffs could last ...