Overview
- The Supreme Court voted 6–3 to void most IEEPA-based tariffs, and U.S. Customs and Border Protection said it will stop collecting those duties as the new 15% Section 122 levy takes effect at 12:01 a.m. ET Tuesday for up to 150 days.
- President Trump warned countries not to “play games” with recently negotiated deals and floated possible license fees, while USTR Jamieson Greer said existing agreements remain in force.
- The European Parliament postponed a vote tied to the EU–U.S. trade deal, India delayed planned talks, South Korea opened consultations, and China urged Washington to scrap unilateral tariffs.
- U.S. business groups pressed for swift, automatic refunds on unlawfully collected IEEPA duties, but the Supreme Court left repayments to lower courts with billions of dollars at stake and officials cautioning the process could take years.
- Markets wobbled as companies confronted fresh policy uncertainty, and officials and analysts said the administration could turn to Section 301 or 232 next, a path likely to face more legal and political hurdles.