A rapidly evolving customs and trade landscape is creating new compliance obligations, enforcement exposure, and potential recovery opportunities for U.S. importers. Recent developments involving IEEPA tariff refunds, importer-of-record requirements, CBP enforcement activity, and expanding tariff measures warrant prompt attention, particularly for companies with finally liquidated entries, foreign or lightly capitalized import structures, and reconciliation filings.

U.S. Customs and Border Protection (CBP) will stop collecting IEEPA tariffs at 12:00am ET February 24th, and start imposing a new additional global 10 percent Section 122 tariff (Trade Act of 1974) at 12:01am ET on February 24th.

The Supreme Court in a 6-3 decision ruled today that President Trump's imposition of tariffs under the 1977 International Emergency Economic Powers Act (IEEPA) - which constitute about half of the tariffs imposed by the Trump Administration - was not lawful. The Supreme Court did not explain how refunds would be processed.

Following the U.S. Trade Representative’s recommendations, President Biden has announced increased tariffs on $18 Billion of Chinese imports across strategic U.S. sectors which include steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products.