Tariff Talk

Yesterday, the Court of International Trade ruled against the Section 122 tariffs implemented in February for two U.S. importers. The global 10% tariff replaced the court-terminated IEEPA (reciprocal/fentanyl) tariffs and is set to expire on July 23, which aligns with the anticipated new Section 301 tariffs.

It is important to note that Section 122 tariffs are still being applied to all imports except Burlap & Barrel and Basic Fun!. In each ruling, the court rejected the argument that the economic emergency met the required national emergency standard needed to enact the law.

Appeals are anticipated to be filed, along with new suits using the ruling as precedent. Additional updates will be provided; stay tuned for next week’s Current.