India, Feb. 21 -- After the Supreme Court of the United States struck down key tariffs imposed under emergency powers, President Donald Trump announced new trade action.

Speaking at a briefing, Trump said, "Today I will sign an order to impose a 10% global tariff under section 122."

The section 122 law allows a US president to impose tariffs of up to 15% for a period of 150 days to deal with what it describes as "large and serious United States balance-of-payments deficits." This situation happens when a country imports far more goods than it exports, creating a trade deficit.

After the 150-day period ends, the tariffs can remain in place only if Congress approves them.

Unlike some other trade laws that require a formal investigation ...