Tariff Updates & News

Latest updates on the Supreme Court IEEPA ruling, Section 122 implementation, and 2026 tariff changes

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CRITICAL: IEEPA Tariffs Struck Down by Supreme Court

On February 20, 2026, the Supreme Court ruled that IEEPA does not authorize tariffs, eliminating all IEEPA surcharges immediately. Section 122 global surcharges (10%) now apply. Full refunds available for all IEEPA duties paid.

Read Full Ruling Analysis💰 Claim IEEPA Refunds
March 6, 2026Rate ChangeHigh Impact

Section 122 Rate Increased to 15%

Treasury Secretary Bessent announced an immediate increase in the Section 122 global tariff from 10% to 15%, effective this week. This represents a 50% increase in the Section 122 burden on all imports except Section 232 products. The increase is within the statutory maximum of 15% and maintains the July 23, 2026 expiry date.

Affected Countries

All

Key HTS Codes

All imports (except Section 232 products)

Source

Treasury Secretary Bessent - Reuters/CNBC/Bloomberg/NYT

Detailed Information

Effective Date
2026-03-06
Previous Rate
10%
New Rate
15%
Percent Increase
50%
Expiry Date
July 23, 2026 (unchanged)
Estimated Additional Cost
$25B additional annual duties
February 24, 2026New SystemHigh Impact

Section 122 Global Surcharge Takes Effect

A new 10% global surcharge on all imports under Section 122 of the Trade Act has taken effect. This replaces the IEEPA baseline rate but applies universally to all countries. Section 122 does not stack with Section 232 products. CAFTA-DR duty-free textiles remain exempt.

Affected Countries

All

Key HTS Codes

All imports (except Section 232 products)

Source

Presidential Proclamation - Section 122

Detailed Information

Effective Date
2026-02-24
Rate
10%
Expiry Date
July 23, 2026 (150 days)
Statutory Max
15%
Estimated Impact
$50B additional annual duties
February 24, 2026Rate ChangeHigh Impact

Section 232 Tariffs Increased on Steel and Aluminum

Section 232 national security tariffs have been increased. Steel and aluminum rates doubled from 25% to 50%. Automobile and auto parts remain at 25%. Additional Section 232 rates announced for lumber, furniture, semiconductors, and pharmaceuticals (effective April-July 2026).

Key HTS Codes

7208-72297601-76168703+1 more

Source

Presidential Proclamation on Section 232

Detailed Information

Effective Date
2026-02-24
Previous Steel Rate
25%
New Steel Rate
50%
Previous Aluminum Rate
25%
New Aluminum Rate
50%
February 20, 2026Legal RulingCritical Impact

Supreme Court Strikes Down IEEPA Tariffs

In a landmark 6-3 decision in Learning Resources Inc. v. Trump, the Supreme Court ruled that "IEEPA does not authorize the President to impose tariffs." ALL IEEPA tariffs terminated immediately. This eliminates the 145% China rate, 35% Russia/Belarus rates, and 20% baseline IEEPA.

Key HTS Codes

All products previously subject to IEEPA

Source

Supreme Court - Learning Resources Inc. v. Trump

Detailed Information

Decision Date
2026-02-20
Vote
6-3
Immediate Effect
All IEEPA tariffs terminated
Refunds
Full refunds required for all IEEPA duties paid
February 21, 2026Refund ProgramHigh Impact

IEEPA Refund Process Announced

Following the Supreme Court ruling, the government announced a refund process for all IEEPA duties paid before February 20, 2026. Importers who paid 145% on Chinese goods, 35% on Russian/Belarus goods, or the 20% baseline IEEPA rate can claim full refunds.

Affected Countries

CNHKMORUBY

Key HTS Codes

All imports with IEEPA payments

Source

Treasury Department - Customs and Border Protection

Detailed Information

Eligibility
All IEEPA duties paid before Feb 20, 2026
Process
Claims-based via TariffRefundIQ.com
Deadline
TBD - Claims process active
Estimated Value
$15-20 billion total refunds
February 15, 2026Status UpdateMedium Impact

Section 301 Rates on China Unchanged

Section 301 tariffs on Chinese goods remain fully active at existing rates (7.5%-25%) as they operate under separate legal authority from the Trade Act of 1974. The Supreme Court IEEPA ruling does not affect Section 301 duties. Chinese imports now face Section 301 + Section 122 rates.

Affected Countries

CN

Key HTS Codes

Multiple lists covering $370B in trade

Source

USTR Notice 2026-02

Detailed Information

Status
Unchanged - Still Active
Legal Authority
Trade Act of 1974, Section 301
Lists Active
List 1, 2, 3, 4A
Current Rates
7.5% - 25%

Understanding the Changes

Refund Resources

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