![European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources](https://eaccny.com/wp-content/uploads/2020/06/eaccny-logo.png){kind=logo}
Trade News
Trade News
27
Feb
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,...
24
Feb
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...
23
Feb
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....
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...
Other Chapter News
