US EditionUS to stop collecting tariffs deemed illegal by Supreme Court on Tuesday
U.S. Customs will halt collection of illegal tariffs under the International Emergency Economic Powers Act after the Supreme Court ruled the levies unlawful, impacting $175 billion in revenue.
- U.S. Customs and Border Protection said it will stop collecting International Emergency Economic Powers Act tariffs and deactivate related codes at 12:01 a.m. EST on Tuesday, Feb 24.
- The U.S. Supreme Court ruled Friday that President Donald Trump could not use the International Emergency Economic Powers Act to tax imports, striking down those tariffs.
- CBP's message to shippers noted Penn Wharton Budget Model economists estimate more than $175 billion in Treasury revenue could face refunds, while IEEPA tariffs generated more than US$500 million per day without refund guidance.
- The pause coincides with the administration imposing a new 15% global tariff under Section 122 of the 1974 Trade Act, while CBP said the suspension affects only IEEPA tariffs, not Section 232 or Section 301 duties.
- Markets and traders note U.S. tariff policy remains uncertain as Section 122 tariffs could face legal challenges and expire after 150 days unless Congress extends them.
238 Articles
238 Articles
A few days after the Supreme Court ruled that a large part of Trump's customs duties were illegal, the president promised to continue his policy. However, this is expected to be complicated, both politically and economically.Customs duties are dead, and customs duties are alive. Last Friday, the US Supreme Court ruled illegal the tariff policy led by Donald Trump under the auspices of the International Emergency Economic Powers Act (IEEPA). This…
Justice is holding back the discretionary use of emergency laws. The president will have to resort to specific rules with deadlines and prior studies.
Trump's tariff policy is driven by personal conviction and an ambition for unlimited presidential power. Democrats are betting that it will cost Trump dearly in the midterm elections, writes US correspondent Jacob Fuglsang in this news analysis.
The decline in shares was also influenced by the loss of value of software companies.
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