Refunds for International Emergency Economic Power Act (IEEPA) tariffs are being processed and monies are being returned to importers and cargo interests.
The Section 122 tariffs, which use trade imbalances as a reason for imposing tariffs, are 10% across the board and replaced the defunct IEEPA tariffs. The Court of International Trade invalidated these tariffs as they did not meet the necessary criteria. In a sign the trade court may have ruled incorrectly, the US Court of Appeals is allowing the administration to continue to collect these tariffs.The Section 122 tariffs are temporary and are set to expire on July 24, 2026.
Section 301 tariffs require a formal investigation by US Trade Representatives into unfair trade practices, including forced labor. It has been announced these tariffs will be in place when the Section 122 tariffs expire and will be either 10% or 12.5%, depending upon the degree of infractions.
USMCA negotiations are combative and in the required Joint Review stage.