Supreme Court Curbs Trump’s Tariff Powers as White House Imposes 15% Global Levy Under 1974 Law

Overview

• The Court ruled that the IEEPA does not permit economy‑wide tariffs without Congress, voiding the emergency‑based duties announced in April 2025.
• U.S. Customs collected roughly $133–142 billion under the invalidated tariffs, and importers are pursuing refunds that press reports estimate could total about $170 billion.
• The administration pivoted to the Trade Act of 1974, first announcing a 10% global tariff and then raising it to 15% effective February 24, with automatic expiration on July 24 unless extended by Congress.
• Officials also moved to narrower tools, announcing investigations under Sections 301 and 232, with additional sectoral cases being prepared according to reporting.
• Mexico’s near‑term exposure is limited because most exports qualify under USMCA, and exemptions apply to energy, pharmaceuticals, critical minerals, and goods already covered by Section 232 such as steel and aluminum.