- IEEPA duties collection stopped as of February 24, 2026
- First wave of IEEPA refunds certified and transmitted to Treasury on May 5
- New tariff under Section 122 of the Trade Act of 1974 imposed at 10%, later raised to 15%
- Section 232, Section 301, and most-favored-nation duties remain unaffected
| Tariff Type | Previous Rate | New Rate | Effective Date |
|---|---|---|---|
| IEEPA | variable | 0% | February 24, 2026 |
| Section 122 | 0% | 10% (initial), 15% (current) | after February 24, 2026 |
| Section 232 | unchanged | unchanged | - |
| Section 301 | unchanged | unchanged | - |
| Most-Favored-Nation | unchanged | unchanged | - |
What is the current status of IEEPA tariff refunds?
The first wave of IEEPA refunds was certified and transmitted to Treasury on May 5, with deposits expected from May 12. However, the administration's appeal of the Court of International Trade's order may affect the refund process for non-litigant importers.
How do the new tariffs under Section 122 affect importers?
The new tariff under Section 122 of the Trade Act of 1974, initially set at 10% and later raised to 15%, applies to imports from all countries. Importers should factor this new tariff into their cost calculations, as it may impact their bottom line.
What Shippers Should Do
Importers should retain full entry documentation pending the appeal outcome, as advised by brokers. Additionally, importers should closely monitor the refund process and adjust their strategies accordingly. It is also essential to review and understand the new tariff under Section 122 and its implications for their business.