U.S. Supreme Court Invalidates Ieepa Tariffs, Trump Introduces New Duties

In a significant development, the U.S. Customs and Border Protection (CBP) announced it will cease collecting tariffs imposed under the International Emergency Economic Powers Act (IEEPA) starting at 12:01 a.m. EST on Tuesday, February 23, 2026. This decision follows a ruling by the U.S. Supreme Court which deemed these tariffs illegal, stating that former President Donald Trump had exceeded his authority under the IEEPA. According to reports, these tariffs had generated over $175 billion for the U.S. Treasury, with estimates indicating they were bringing in more than $500 million per day. The Supreme Court's ruling has raised questions about potential refunds for importers, as noted by the Penn-Wharton Budget Model economists, who highlighted that the ruling could affect a substantial amount of revenue previously collected under these tariffs (Source: DNAIndiaNews, Moneycontrol).