US EditionPublished • loading... • Updated
US to stop collecting tariffs deemed illegal by Supreme Court on Tuesday
The U.S. Supreme Court ruled the tariffs illegal, prompting Customs and Border Protection to halt collections that generated over $500 million daily, effective Tuesday at 12:01 a.m. EST.
- 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.
Insights by Ground AI
Podcasts & Opinions
213 Articles
213 Articles
The decline in shares was also influenced by the loss of value of software companies.
·Belgrade, Serbia
Read Full Article
For Trump, the Supreme decision is "rescue". And leave a note "those who have 'engaged' the U.S. for years, and up to decades," remembering that it does not need Congress to approve new tariffs.
·Portugal
Read Full Article
Le Huffington PostReposted by 
Laminute.info
Laminute.infoThe world's economies have spent a dirty weekend. After seeing its customs duties retaliated by the Supreme Court, Donald Trump has decided to go into force.
·Paris, France
Read Full ArticleCoverage Details
Total News Sources213
Leaning Left22Leaning Right24Center87Last UpdatedBias Distribution65% Center
Bias Distribution
- 65% of the sources are Center
65% Center
L 17%
C 65%
R 18%
Factuality
To view factuality data please Upgrade to Premium
