Trade Tariff Update: What We Know as of This Morning
- Feb 23
- 1 min read
Here is a summary of the latest developments regarding U.S. tariffs and what they mean for importers and the trade community.
Supreme Court Ruling on IEEPA Tariffs
On Friday, the U.S. Supreme Court announced that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unauthorized and therefore must stop being collected.
At this time:
Collection of IEEPA tariffs will cease.
There is no clarity yet on whether previously collected IEEPA tariffs will be refunded.
Approximately billions of dollars collected under these measures may be subject to review.
The refund process, if applicable, will likely involve the Courts — specifically the U.S. Court of International Trade — which is expected to play a key role in determining eligibility, procedures, and timing.
New Tariff Action Announced
Following the Supreme Court’s decision, President Trump held a press conference Friday afternoon indicating that alternative tariff authority would be used.
Subsequent announcements included:
Section 122 tariffs will be imposed immediately.
Initial announcement set the rate at 10%.
By Saturday morning, the rate was adjusted to 15% for all countries.
Section 122 tariffs are authorized for 150 days only.
The new tariffs will take effect at 12:01 a.m. tomorrow, February 24th.
Current Concerns
The most pressing issue at this time remains the uncertainty surrounding refunds of IEEPA tariffs already paid:
Will refunds be issued?
Who will qualify?
What documentation will be required?
What is the timeline?
How will Customs implement the process?
As soon as additional guidance becomes available, we will share further details.
In the meantime, if you have questions, please feel free to contact Christine directly.