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Trade News
Trade News
23
Feb
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...
23
Feb
PROTECTING THE U.S. ECONOMY AND NATIONAL INTERESTS: Today, President Donald J. Trump signed a Proclamation imposing a temporary import duty to address fundamental international payments problems and continue the Administration’s work to rebalance our trade relationships to benefit American workers, farmers, and manufacturers.
President Trump is invoking his authority under section 122 of the Trade Act of 1974, which empowers the President to address certain fundamental international payment problems through surcharges and other special import restrictions.
By taking this action,...
23
Feb
Bernd Lange, chair of Parliament’s International Trade Committee and standing rapporteur for the US, issued the following statement.
Following a meeting of the committee’s shadow rapporteurs (i.e. political group representatives), Bernd Lange (S&D, DE) said:
“The ruling by the Supreme Court of the United States of 20 February 2026 on the use of the International Emergency Economic Powers Act (IEEPA) is clear and unequivocal. Its implications cannot be ignored, and business as usual is not an option.
A key instrument used on the US...
23
Feb
The European Commission requests full clarity on the steps the United States intends to take following the recent Supreme Court ruling on the International Emergency Economic Powers Act (IEEPA).
The current situation is not conducive to delivering “fair, balanced, and mutually beneficial” transatlantic trade and investment, as agreed to by both sides and spelled out in the EU-U.S. Joint Statement of August 2025.
The Commission will always ensure that the interests of the European Union are fully protected. EU companies and exporters must...
23
Feb
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...
20
Feb
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...
20
Feb
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...
20
Feb
Go-to-Guide:
The U.S. Supreme Court (SCOTUS) has ruled that President Donald Trump’s administration (the administration) exceeded its authority when issuing tariffs under the International Economic Emergency Powers Act (IEEPA).
Importers who paid IEEPA duties may wish to file protective actions in the Court of International Trade and protests with U.S. Customs and Border Protection to preserve any rights to refunds.
On Feb. 20, 2026, in the consolidated case Trump v. V.O.S. Selections and Learning Resources, Inc. v. Trump, SCOTUS struck down the administration’s tariffs...
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