Tariff Talk

This morning’s Supreme Court ruling, which determined that several of President Trump’s tariffs exceeded the president’s authority, kicked off a very eventful day that has left more questions than answers. During a press conference after the ruling, President Trump promised additional tariffs, including a 10% global tariff under Section 122 of the Trade Act of 1974, which allows a president to impose duties of up to 15% for up to 150 days on any and all countries. The actual timing of both the removal of the stricken tariffs and the addition of the new 10% Section 122 tariffs is still unknown, as both require action by Customs and Border Protection (CBP) to go into operational effect. We expect these to be in place by early next week but are awaiting formal details from CBP.

Regarding refunds of duties paid to CBP for the stricken tariffs, we also await formal details and procedures. The Supreme Court did not address how refunds would or should be handled, and they are not guaranteed. President Trump also implied in his conference that refunds would not be issued automatically and that importers will have to fight for them.

This is a changing-by-the-moment situation, and it may be several days or even weeks before we have clear answers. We will continue to keep our customers and partners informed as news happens.