Tariff Timeline
In April 2025, the President of the United States announced sweeping tariffs on imports under the International Emergency Economic Powers Act (IEEPA), commonly referred to as the IEEPA tariffs.
In the ensuing months, the President continued to utilize tariffs (imposing some as high as 125%) as leverage in negotiating trade matters.
On Friday morning, February 20, the Supreme Court ruled that tariffs imposed under the IEEPA were not legal. The Court left open the question of refunds.
On Friday afternoon, February 20, the President announced new 10% tariffs utilizing Section 122 of the Trade Act of 1974. This law allows for tariffs on imports for a limited period (150 days) unless Congress votes for an extension.
On Saturday, February 21, the President announced that he was increasing the tariffs imposed the day before to 15%.
Refunds?
It is estimated that $135 billion was collected under the IEEPA tariffs that have now been determined to have been illegal.
There is no certainty as to if, when, or who will receive refunds.
Who paid the tariffs? We know that importers wrote the checks to pay the government the tariffs that were later ruled illegal. However, did the supplier provide discounts to absorb a portion of the tariff? Did the importer raise prices that consumers ultimately paid? It is complicated and could remain in the courts for years to come.
We will keep you posted as details emerge.
