#CBP said in a message to shippers on its Cargo Systems Messaging Service (CSMS) that it will de-activate all #tariff codes associated with Trump's prior #IEEPA related orders as of Tuesday.

The IEEPA tariff collection halt coincides with Trump's imposition of a new, 15% global tariff under a different legal authority to replace the ones struck down by #SCOTUS on Friday.

#law #Trump #judiciary #economy #tariffs #trade #geopolitics

#CBP gave no reason why it was continuing to collect the #tariffs at ports of entry days after #SCOTUS’ ruling, & its message offered no information about possible #refunds for importers.

The message noted that the collection halt does not affect any other tariffs imposed by #Trump, including those under the Section 232 national security statute & the Section 301 unfair trade practices statute.

#law #judiciary #economy #trade #geopolitics

Under the #law #Trump has now invoked, Section 122 of the #Trade Act of 1974, #tariffs may last only 150 days unless #Congress extends them. And they’re capped at 15%, so Trump cannot raise them again.

Now that #SCOTUS deemed the old tariffs illegal, do the businesses that paid them get their money back?

#law #economy #inflation #affordability #CostOfLiving #business #geopolitics

The #Trump #admin is expected to argue in court that companies lack standing to claim a refund if they passed the #tariff #costs to #consumers by charging more — which would be a hell of a thing considering Trump swore up & down that other countries were paying the #tariffs & that consumers wouldn’t be affected.

#law #SCOTUS #economy #inflation #affordability #CostOfLiving #business #geopolitics

But if a company didn’t charge #consumers more, would the government get to keep the now-invalidated tax? It’s an open question, & thousands of companies have filed lawsuits arguing they deserve #refunds. This could take years to litigate.

#law #Trump #SCOTUS #economy #inflation #affordability #CostOfLiving #tariffs #business #geopolitics

The fate of billions of dollars in duties collected by the #UnitedStates remains up in the air. #SCOTUS left it to the US Court of International Trade [#CIT] & lower courts to figure out refund proceedings. Obviously #Trump was also unsure of how the process would work.

#law #economy #inflation #affordability #CostOfLiving #tariffs #business #geopolitics

Countries that had struck trade deals with #Trump to get lower tariff rates may now stuck with them. Last week, #Japan committed to $36 billion in investments in the #UnitedStates & #Indonesia signed an agreement in Washington under threat of damaging levies. The #SCOTUS ruling has left their leaders wondering if their agreements will stand.

#law #economy #inflation #affordability #CostOfLiving #tariffs #trade #business #geopolitics