Overview

• The Federal Circuit ruled 7–4 that IEEPA does not authorize the administration’s reciprocal and trafficking tariffs, invoking the major questions doctrine and affirming a lower court decision.
• The court vacated a prior nationwide injunction, remanded remedy questions to the Court of International Trade, and kept tariffs in effect by staying its mandate until Oct. 14.
• Trump said Tuesday he will seek an expedited Supreme Court ruling as soon as Wednesday, though it is uncertain how quickly the justices will act and whether they will grant fast-track review.
• CBP reports $65.8 billion collected from the challenged tariffs as of Aug. 25, while some outlets estimate business payments well above $150 billion, raising the prospect of large refunds if the rulings are upheld.
• The administration is preparing fallback options under other statutes, including Section 232 and Smoot-Hawley Section 338, as businesses file CBP protests and plan for operational and pricing uncertainty.