Overview

• Most IEEPA-based tariffs remain in force until Oct. 14 under a stay that gives the administration time to seek high court review.
• The court said the emergency statute does not authorize tariffs or taxation, noting its historical use for sanctions and asset freezes rather than import duties.
• The decision raises the prospect of substantial tariff refunds and injects uncertainty into recent reciprocal tariff arrangements with the EU, Japan and South Korea.
• Measures aimed at countries including China, Canada and Mexico are also in question, with reporting noting potential effects on fentanyl-related pressure tactics.
• The ruling affirms a lower-court annulment that stemmed from suits by small importers, and President Trump denounced the decision on Truth Social and vowed to appeal.