27 Feb The Latest on Trump’s Tariffs
Just recently, the U.S. Supreme Court issued a ruling that found the Trump Administration violated federal law when it unilaterally imposed tariffs under the International Economic Powers Act (IEEPA).
As a result of this decision, tariffs imposed under IEEPA were illegally assessed (whilst tariffs imposed under statutory authorities identified by specific sections remain in effect). To date, no information has been provided around the issue of potential refunds of these tariffs, however guidance is anticipated at a later date which is yet to be determined.
Subsequent to this Supreme Court ruling, Trump has announced that he will raise a temporary tariff to 15% on U.S. imports from all nations, which is the maximum level allowed under the law.
These new levies are grounded in a separate but untested law, known as Section 122, that allows tariffs up to 15% but requires congressional approval to extend them after 150 days. Trump has confirmed he would leverage the 150 days to work on issuing other “legally permissible” tariffs.
Furthermore, the Trump administration has confirmed they expect trading nations to honour any tariff deals that have been agreed to, even if it exceeds the allowable temporary tariff of 15%, regardless of the Supreme Court’s decision.
As this is an evolving situation with impacts that reverberate across the global trading landscape, we will keep you up-to-date as new information becomes available.
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