Overview

• By a 7–4 vote, the Federal Circuit held that IEEPA does not authorize the sweeping 'reciprocal' and trafficking tariffs, while leaving sector-specific measures under Section 232 untouched.
• The court delayed its mandate until Oct. 14, allowing the duties to remain while the White House seeks Supreme Court review.
• Trump said he will request an expedited ruling, and Treasury officials are preparing the filing and discussing backup statutory options if IEEPA is rejected.
• Treasury reports tariff receipts of roughly $142–$159 billion through July, as the Justice Department warns a loss could require refunds that strain federal finances.
• Companies and trading partners are pausing investments and shipments pending clarity, and attorneys advise importers to maintain detailed records to pursue potential duty recoveries.