2.23.26 – Laufer Client Advisory: IEEPA Tariffs: Weekend Updates Round-Up
There was a wave of activity and rapid developments following the U.S. Supreme Court’s decision on Friday to strike down the IEEPA tariffs. Below is a summary of the latest updates from the weekend, though many questions remain unanswered.
U.S. Customs has now issued operational guidance confirming that IEEPA tariffs will no longer apply to Customs entries effective February 24th. Details regarding potential refunds have not yet been released.
US Supreme Court Decision released 2/20/26:
The Court ruled that the International Emergency Economic Powers Act does not authorize the President to impose tariffs. In a 6-3 decision, the Court struck down the use of IEEPA to impose tariffs.
Read the full slip opinion HERE
White House Executive Order released 2/20/26:
This Executive Order officially ends the application of all tariffs imposed under IEEPA: Fentanyl, Reciprocal, Russian/Venezuelan/Cuban/Iranian Oil.
The Executive Order states the following regarding implementation: “The head of each agency shall immediately begin taking steps to effectuate this order and, as soon as practicable, terminate the collection of the additional ad valorem duties.”
Read the Executive Order HERE
US Customs (CBP) issued a CSMS message 2/20/26:
CBP’s message on Friday did not contain any operational details or timing, only the following: “CBP is working with other government agencies to fully examine the implications of the SCOTUS decision.
CBP will provide additional information and technical guidance for ACE filers as soon as it becomes available.
Read the CSMS message HERE
US Customs (CBP) issued a second CSMS message 2/22/26:
This second CSMS finally issued the operational guidance to allow for termination of the tariffs on US Customs Entries beginning February 24th:
“Duties imposed pursuant to IEEPA under the following presidential actions, including all modifications and amendments, will no longer be in effect and will no longer be collected for goods entered for consumption or withdrawn from warehouse for consumption, on or after 12:00 a.m. eastern time on February 24, 2026:
- Executive Order 14193, Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border, 90 Fed. Reg. 9113 (Feb. 1, 2025), as amended;
- Executive Order 14194, Imposing Duties To Address the Situation at Our Southern Border, 90 Fed. Reg. 9117 (Feb. 1, 2025), as amended;
- Executive Order 14195, Imposing Duties To Address the Synthetic Opioid Supply Chain in the People's Republic of China, 90 Fed. Reg. 9121 (Feb. 1, 2025), as amended;
- Executive Order 14245, Imposing Tariffs on Countries Importing Venezuelan Oil; 90 Fed. Reg. 13829 (Mar. 24, 2025);
- Executive Order 14257, Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits, 90 Fed. Reg. 15041 (Apr. 2, 2025), as amended;
- Executive Order 14323, Addressing Threats to the United States by the Government of Brazil, 90 Fed. Reg. 37739 (July 30, 2025); and
- Executive Order 14329, Addressing Threats to the United States by the Government of the Russian Federation, 90 Fed. Reg. 38701 (Aug. 6, 2025), as amended.
U.S. Customs and Border Protection (CBP) will update the Automated Commercial Environment (ACE) programming, and all Harmonized Tariff Schedule of the United States (HTSUS) numbers applicable to the IEEPA tariffs will be inactive in ACE as of February 24, 2026.
This EO affects IEEPA duties only and does not affect any other duties, including duties imposed under section 232 of the Trade Expansion Act of 1962, as amended, and section 301 of the Trade Act of 1974, as amended.”
NEW Section 122 Tariff Announcement 2/20/26:
Within hours of the Supreme Court’s decision, the President announced NEW Section 122 tariffs, effective February 24th. An in-transit exemption applies to goods that were loaded onto a U.S.-bound vessel by February 24th and are entered with U.S. Customs by February 28th.
The new Section 122 tariffs will remain in effect for up to 150 days. Under Section 122, the President may impose tariffs of up to 15% for a maximum of 150 days; any extension requires Congressional approval. The tariffs apply to nearly all imports into the United States, with limited exceptions listed in the Executive Order’s annexes. They are in addition to— and stack on top of— existing tariffs.
Although the President initially signed an executive order imposing a 10% global import surcharge, the following day he announced (via Truth Social and subsequent reports) that the rate would increase to 15%, the statutory maximum, effective immediately. The signed executive order reflects the original 10% rate; formal implementation guidance from CBP and a revised executive order reflecting the 15% rate may still be forthcoming.
Read the Executive Order HERE
What About Refunds?
There is no information on next steps for refunds YET.
Following the Supreme Court’s decision, the case will return to the Court of Appeals for the Federal Circuit (CAFC) and then back to the Court of International Trade. The Court of International Trade must then determine the appropriate remedy for the now-invalidated tariffs, including whether refunds will be issued and how they will be processed.
We will provide any additional detailed guidance as soon as it’s received.
The Laufer Group team will continue to monitor these changes and provide updates on any significant developments.
Please contact your local customer service, customs brokerage or sales representative for additional information and service options and continue to visit laufer.com for more market Insights.