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Following the Supreme Court’s decision on IEEPA tariffs, those duties have been withdrawn as of last night. However, President Trump issued new tariffs—under Section 122 of the Trade Act of 1974—following the court’s decision, while Section 232 tariffs and Section 301 investigations were not affected by the decision and remain in force.

IEEPA tariffs: On Sunday, Customs and Border Protection issued guidance that collection of the IEEPA duties would end by 12:00 a.m. EST on Feb. 24.

• CBP will implement this by deactivating all of the Chapter 99 HTSUS subheadings associated with the IEEPA tariff actions.
• The new Section 122 tariffs went into effect last night at 12:01 a.m., and a few hours beforehand, CBP issued guidance  to implement them.
• The guidance largely mirrors the proclamation made on Friday (see below) and confirmed that the new duty would be 10% and not 15%. It also confirmed that drawback will be available for the Section 122 duties.

New Section 122 tariffs: On Feb. 20, following the Supreme Court’s decision, President Trump issued a proclamation imposing an ad valorem 10% tariff on imports from all countries.

• Section 122 of the Trade Act of 1974 allows the president to impose temporary tariffs to deal with “large and serious” balance of payments deficits, but this authority has never been used in the 50 years since its enactment.
• The statute caps tariffs invoked under Section 122 at 15%. The tariffs expire after 150 days unless Congress acts to extend them by law.

Section 232: These tariffs, which include duties on certain semiconductors, autos and parts, steel and its derivatives, aluminum and its derivatives, copper and its derivatives and more, remain in effect.

• More than one-quarter of U.S. industrial imports are subject to Section 232 tariffs. Investigations into legacy semiconductor chips, pharmaceuticals, aerospace, medical technologies and industrial machinery, among others, are pending decisions.

Section 301: Several investigations under Section 301 remain in progress, including those into Chinese semiconductors and Brazilian trade policy and practices, as well as foreign reference pricing for pharmaceuticals.

• In a statement  issued Feb. 20, the Office of the United States Trade Representative announced that it intends to pursue investigations “to cover most major trading partners” and to address areas of concern such as industrial excess capacity, forced labor and digital services taxes, among other policies of trading partners.
• Given the 150-day expiration date for the Section 122 tariffs, USTR plans to speed up these investigations. 

The high costs of tariffs: The average U.S. tariff is now between 14.8% and 16.9%, compared with the 2.4% average tariff that existed previously ( CBP).

• Importers paid $216.8 billion in duties, tariffs and fees over fiscal 2025, which runs from October to October. Many of the tariffs were not in effect until the third quarter.
• CBP has collected $97.7 billion in fiscal 2026, already surpassing total tariffs collected in full fiscal 2024.