Last mentioned: 6h ago
Expiration Deadline
Section 122 tariffs expire unless Congress grants formal approval for extension.
Refund Litigation Begins
The Trump administration signals intent to litigate the refund process despite the ruling.
Implementation Date
New 15% global tariffs scheduled to go into effect for all US imports.
Tariff Escalation
Trump announces on Truth Social that the rate will increase to 15%.
SCOTUS Ruling Issued
Supreme Court declares IEEPA tariffs unlawful and unconstitutional in a 6-3 vote.
SCOTUS Ruling
Supreme Court strikes down IEEPA-based tariffs as unconstitutional.
Initial Pivot
Trump signs a proclamation for a 10% replacement tariff under Section 122.
IEEPA Tariffs Imposed
President Trump implements reciprocal and drug-trafficking tariffs via executive order.
Following a Supreme Court ruling that invalidated previous trade levies, President Trump has announced a new 15% global tariff under the 1974 Trade Act. The move creates immediate supply chain volatility and potential for $130 billion in corporate tax refunds.
The U.S. Supreme Court has ruled 6-3 that the International Emergency Economic Powers Act does not grant the President authority to impose tariffs, invalidating billions in duties. This landmark decision opens a complex legal battle for an estimated $175 billion in refunds, impacting retailers and e-commerce platforms nationwide.