On February 20, 2026, the U.S. Supreme Court issued its much-anticipated ruling in the Learning Resources case, concluding that the tariffs imposed by the Trump administration since February 2025 under the International Emergency Economic Powers Act (IEEPA) were unauthorized. The Court’s landmark 6-3 decision produced seven separate opinions with Chief Justice John Roberts and Justices Sonia Sotomayor, Elena Kagan, Neil Gorsuch, Amy Coney Barrett, and Ketanji Brown Jackson in the majority, holding that “the power to unilaterally impose tariffs of unlimited amount, duration,...

Read more

Notice: Switchover from IEEPA to Section 122 Tariffs in Effect As of 12:01 AM EST February 24, U.S. IEEPA Tariffs have been replaced with a new 10% Section 122 Tariff. This is the result of the U.S. Supreme Court striking down the long-debated IEEPA Tariffs last week, deeming them unlawful, and President Trump using his authority to replace them with the temporary (150-day) Section 122 tariff announced this past weekend. Be aware, an “on the water” exception may exist for goods...

Read more

Key Points Importers who paid IEEPA duties in 2025–2026 have legal a basis for refunds but must take affirmative steps to recover. Only the IEEPA additional ad valorem duty component is refundable — not MFN, Section 232, or Section 301 duties. Refund rights belong to the importer of record; downstream buyers must recover through contract or assignment. Importers can join existing protective refund litigation in the U.S. Court of International Trade. The Merits Are Decided — Refunds Are Not The U.S....

Read more

On February 20, 2026, President Donald Trump issued a proclamation announcing that he was imposing a temporary import surcharge (i.e., tariff) pursuant to section 122 of the Trade Act of 1974 (19 U.S.C. Section 2132) to address “fundamental international payments problems” that “could impair United States national interests, including economic and national security interests.” Stating that an import surcharge in the form of ad valorem duties is required to deal with large and serious U.S. balance-of-payments deficits, President Trump announced that a temporary surcharge of...

Read more

Key Takeaways The Supreme Court of the United States held Friday that the International Emergency Economic Powers Act (IEEPA) does not authorize the U.S. president to impose tariffs. In response, President Donald Trump issued executive orders and a proclamation that (1) terminate collection of all IEEPA tariffs; (2) impose a new 15% global tariff on all imports under a separate statutory authority, Section 122; and (3) continue the suspension of duty-free treatment of low-value (i.e., de minimis) imports. Whether—and when—importers are...

Read more

The Supreme Court’s decision limiting the administration’s use of the International Emergency Economic Powers Act removes the emergency-based foundation of the recent reciprocal tariff structure while leaving other statutory tariffs in place. The ruling effectively lowers the overall tariff burden, pushing the estimated effective tariff rate from 12.7% to roughly 8.3%. It also leaves unresolved whether more than $175 billion in previously collected duties will be refunded, introducing a question that may take time to sort out materialize. Markets responded...

Read more

Highlights Today, the U.S. Supreme Court issued its decision on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). By a 6-3 vote, the Supreme Court determined that IEEPA tariffs are unlawful and unconstitutional. The majority opinion, however, did not discuss whether or how refunds will be issued nor the impact on the framework of U.S. trade deals negotiated with certain foreign countries within the past year (e.g., the European Union and Japan). This decision does not affect...

Read more