The Supreme Court’s decision limiting the administration’s use of the International Emergency Economic Powers Act removes the emergency-based foundation of the recent reciprocal tariff structure while leaving other statutory tariffs in place. The ruling effectively lowers the overall tariff burden, pushing the estimated effective tariff rate from 12.7% to roughly 8.3%. It also leaves unresolved whether more than $175 billion in previously collected duties will be refunded, introducing a question that may take time to sort out materialize. Markets responded...

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Highlights Today, the U.S. Supreme Court issued its decision on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). By a 6-3 vote, the Supreme Court determined that IEEPA tariffs are unlawful and unconstitutional. The majority opinion, however, did not discuss whether or how refunds will be issued nor the impact on the framework of U.S. trade deals negotiated with certain foreign countries within the past year (e.g., the European Union and Japan). This decision does not affect...

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ALERT: Trump's IEEPA Tariffs Struck Down Today, the U.S. Supreme Court struck down the broad “reciprocal” tariffs imposed under the International Emergency Economic Powers Act (IEEPA) in a 6–3 ruling. Here is what this means for importers. The decision invalidates the sweeping IEEPA-based reciprocal tariffs applied broadly across countries and product categories since February 2025. Some tariffs still apply, including: Section 232 tariffs (steel and aluminum), anti-dumping and countervailing duties, and other sector-specific and trade remedy duties. The financial impact extends to an estimated $175+ billion in...

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On February 6, 2026, the president issued Executive Order 14384 (the Order), rescinding the additional 25% ad valorem duties imposed on imports of Indian-origin goods under Executive Order 14329. This modification applies to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. ET on February 7, 2026 (the effective date). Because India has pledged to stop importing Russian oil, increase purchases of U.S. energy, and expand defense cooperation with the United States, the president concluded...

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In this week’s Roar: U.S. container imports rebound, new rules for electronic export manifest filings, U.S. diesel prices up again, using AI competitively, and a new deal on greenhouse gas emissions. U.S. container imports reboundedin January to 2.32 million TEUs after the slowdown in December. Port performance was mostly positive, with notable gains in the Houston and Gulf Coast gateways. Imports from China recovered 9.3% month over month but remained well below previous highs, while Southeast Asia continued to grow...

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