- On February 20, the US Supreme Court ruled in a 6–3 decision that the International Emergency Economic Powers Act (IEEPA) does not grant the President the authority to impose tariffs without explicit congressional approval, emphasizing that such powers belong to Congress.
- The ruling removes IEEPA as a legal basis for tariffs during national emergencies and raises questions about potential refunds for over $170 billion in tariffs collected, with the specifics of refund procedures left to lower courts and administrative processes.
- Following the decision, President Trump terminated IEEPA-related duties and imposed a temporary 10% ad valorem duty under the Trade Act of 1974, prompting companies to prepare for potential refunds by analyzing their IEEPA-related duties and coordinating across various business functions.
Source PwC
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