Overview
- Justices could release opinions today in a case testing President Donald Trump’s use of the International Emergency Economic Powers Act for reciprocal and drug-related tariffs, after skeptical questioning at the Nov. 5 arguments.
- Lower courts, including the Court of International Trade and the Federal Circuit, have already found that many IEEPA-based duties exceeded presidential authority.
- U.S. Customs and Border Protection will shift all tariff refunds to electronic distribution via the ACE portal on Feb. 6, a move seen as operational readiness even as importers warn refunds are not automatic and some deadlines have lapsed.
- Companies such as Costco, Bumble Bee Foods, Revlon, EssilorLuxottica, Kawasaki Motors and Yokohama Tire have filed suits to preserve refund rights as CBP data show $133.5 billion collected from Feb. 4 to Dec. 14, with estimates nearing $150 billion.
- Treasury Secretary Scott Bessent says the administration could rely on other statutes, including provisions of the 1962 Trade Act, if parts of the program are struck, while markets and trade partners like India brace for the ruling’s fallout.