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.

The U.S. Court of International Trade (USCIT or the Court) has ruled most of President Trump’s tariffs illegal, finding he exceeded his authority in imposing sweeping tariffs on China and global trading partners based on the International Emergency Economic Powers Act (IEEPA). The Court vacated most of the Trump tariffs, and gave up to ten days for the President to terminate the tariff collections process.

President Trump announced the imposition of steep tariffs on imports from Mexico, Canada, and China, utilizing the International Emergency Economic Powers Act (IEEPA) due to concerns about illegal immigration and drug trafficking. Effective February 4, a 25% tariff will apply to most goods from Canada and Mexico, while Canadian oil and energy imports will face a reduced tariff of 10% and a 10% tariff will be imposed on imports from China.

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.