Policy Forum 

# Congress, the Balance of Payments, and Tariff Reform 

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Date and Time 

March 26, 2026 3 - 4:15 PM EDT 

Location 

Cato Institute, 1000 Massachusetts Ave, NW, Washington, DC 

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##### Featuring 

![Representative Jimmy Panetta (D-CA)](/sites/cato.org/files/styles/author_picture/public/2026-03/jimmy-panetta-circle.jpeg?itok=5cHVr_Hd) 

Representative Jimmy Panetta (D‑CA) 

19th District of California

![Stan Veuger](/sites/cato.org/files/styles/author_picture/public/2026-03/stan-veuger-circle.jpeg?itok=ZKBt36ab) 

Stan Veuger 

Senior Fellow, Economic Policy Studies, American Enterprise Institute

![Hana Greenberg circle crop](/sites/cato.org/files/styles/author_picture/public/2026-03/hana-greenberg-circle.jpeg?itok=iy8IfotE) 

Hana Greenberg 

Former Chief of Staff for Representative Ron Kind (D‑WI)

[![Clark Packard Square headshot](/sites/cato.org/files/styles/author_picture/public/2022-03/ClarkPackard_sq2.jpg?itok=6QwVlh1V)](/people/clark-packard) 

[Clark Packard](/people/clark-packard)

Research Fellow, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute

[ 

](https://x.com/clark_packard) [ 

](mailto:cpackard@cato.org) 

In the wake of the February 2026 Supreme Court ruling on the legality of the International Emergency Economic Powers Act (IEEPA) tariffs, the Trump administration has used alternative authorities to reimpose tariffs, including a 10 percent global tariff under Section 122 of the Trade Act of 1974.

As written, Section 122 allows the president to impose a temporary import tariff of up to 15 percent to: (1) deal with large and serious US balance of payments deficits, (2) prevent an imminent and significant depreciation of the dollar in foreign exchange markets, or (3) cooperate with other countries in correcting an international balance-of-payment disequilibrium. Many experts have questioned, however, whether any of these conditions apply today and thus whether the administration’s new tariffs are, like the IEEPA levies, unlawful.

This policy forum will feature a fireside chat with Representative Jimmy Panetta (D‑CA) and the Cato Institute’s Clark Packard on Section 122 and congressional tariff authorities, followed by an expert panel discussion on the legality of Section 122, whether its conditions exist today, and the role of Congress in reforming executive branch tariff authority.

**Reception to follow.**

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