ING’s latest note assesses President Trump’s move to impose up to 15% temporary tariffs under Section 122 of the 1974 Trade Act, highlighting renewed legal and macro uncertainty
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The administration is using a rarely invoked provision allowing tariffs for 150 days, potentially resettable, creating a de facto rolling trade instrument amid fresh legal challenges.
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Realised tariff rates have averaged just above 10%, below headline announcements, reflecting exemptions, trade rerouting and substitution effects.
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ING leaves growth and inflation forecasts unchanged, maintaining expectations for two 25bp Fed cuts in June and September.
Are tariffs becoming a structural policy lever rather than a negotiating tactic? The full note examines the implications.
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