[Trump's New Tariffs Face Legal Challenges, Multiple States Plan Joint Lawsuit] Jin10 Data, March 6 – According to foreign media reports, President Trump's latest round of global import tariffs is facing significant legal challenges. Last month, the Supreme Court struck down most of the tariffs he implemented under the International Emergency Economic Powers Act. On Thursday, the attorneys general of New York and Oregon stated that a coalition of states is planning to file a joint lawsuit against the 10% import tariffs that took effect on February 24. Trump's new tariffs are based on Section 122 of the Trade Act of 1974. This provision has never been used to impose tariffs before, but it allows the president to implement temporary tariffs to address severe "balance of payments" deficits. The state attorneys general argue that the justification Trump provided for the new tariffs—namely, the U.S. trade deficit—is inappropriate under Section 122. They contend that the U.S. no longer faces balance of payments issues, as such problems can only occur under fixed exchange rate systems (such as the gold standard), which the U.S. abandoned decades ago.