Tariff Talk

Excitement is in the blizzard air as the Supreme Court revoked the IEEPA tariffs last week. With the same gust, President Trump announced a new 10% global tariff, which has since been increased to 15%.

The elimination of IEEPA has been confirmed by CBP for new imports effective tomorrow, February 24. The new global 15% tariff is still pending official guidance and formal language. A new tariff is allowed under Presidential authority for 150 days without a congressional vote. Importers should carefully review the conditions of this tariff once it is announced. Reciprocal tariffs included exclusions for payment of 232s and an Annex of excluded HTS codes. The Presidential Proclamation mentions both items; will they look the same, and can they be enacted on day one?

The new 15% tariff falls under Section 122 of the Trade Act of 1974, which grants 150-day authority to issue tariffs to “address fundamental international payment problems.” The question of authority to implement a global tariff is expected to generate new court actions.

OCEANAIR anticipates a week full of guidance, social media posts, and changes. It is our mission to keep our clients updated. Please contact your salesperson or compliance@oceanair.net with any questions.