Trump Tariff Tracker – March 12, 2026

President Trump’s use of Section 122 of the Trade Act of 1974 to impose global tariffs continues to be challenged. Senators Kaine and Warnock have introduced The Reclaim Trade Powers Act, which would repeal Section 122, the legal basis President Trump used to justify the global 10% tariff. This section was originally designed to address balance-of-payments deficits or significant currency depreciation at a time the U.S. dollar was tied to gold and subject to rapid depletion through foreign central bank actions. Proponents of the legislation believe that with the shift to a floating exchange‑rate system more than 50 years ago, Section 122 has become functionally obsolete and is being applied incorrectly by President Trump.