Overview
- The announcement follows a 6–3 Supreme Court ruling that struck down the administration’s use of the emergency law IEEPA for sweeping tariffs.
- A previously proclaimed 10% surcharge under Section 122 is set to take effect February 24, and the White House has not yet published an updated order reflecting the 15% rate.
- The administration rescinded certain IEEPA-based tariffs while leaving Section 232 and Section 301 measures in place and signaling new investigations under those narrower authorities.
- Businesses and importers are preparing refund claims and seeking clarity on collections after U.S. Customs took in large sums under the now-invalidated IEEPA tariffs.
- The Section 122 action includes sector exemptions such as critical minerals, energy products and pharmaceuticals and may face legal and congressional hurdles given its temporary design.