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.

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.

Pierson Ferdinand LLP wanted to remind you that the strike by the International Longshore Association (ILA), initially set for Oct. 1, 2024, has merely been postponed and not fully resolved. This offers a brief respite, but businesses must remain prepared for the strike to take place starting January 15, 2025. The new timing coincides with the peak export season for Chile and Uruguay, particularly for grapes and citrus.