There are various legal routes for the president to pursue his cornerstone economic policy. These include section 122 of the Trade Act of 1974, section 232 of the Trade Expansion Act of 1962, and sections 301 and 338 of the Trade Act of 1930. Each grants the president powers to intervene on trade policy, albeit in an often slower and, in some instances, more limited way.

“It sounds like good news, but Trump has various other mechanisms to invoke tariffs or have leverage in trade negotiations. It’s just the speed of their rollout will be weeks/months rather than immediately as he did with the IEEPA,” said Jordan Rochester, an analyst at the Japanese bank Nomura.

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