Overview
- U.S. Customs and Border Protection said it will stop collecting tariffs imposed under the International Emergency Economic Powers Act on Feb. 24.
- President Trump signed a Feb. 20 executive order directing an expeditious end to collection following the high court’s decision.
- The Supreme Court held that IEEPA does not confer tariff-imposing power on the president, rejecting the administration’s argument.
- Reporting indicates the administration plans to replace the now-ended 15% reciprocal tariffs, including on Japan, with a uniform 10% tariff under Trade Act Section 122.
- The Treasury urged all countries to honor trade agreements, as affected IEEPA measures included tariffs tied to issues involving Canada, Mexico, China, and Brazil.