After the IEEPA Ruling: An APCO Agenda360 Briefing

Following the  Feb. 20 ruling by the Supreme Court, Felicia Pullam and Jon Lang led two briefings to discuss the decision’s impact on the Trump administration’s trade strategy, what’s next for refunds and opportunities for businesses going forward. The following is a brief recap of the key insights shared during the sessions.

1. U.S. Supreme Court Ruling: The Court ruled that the president can no longer use the International Emergency Economic Powers Act (IEEPA) to impose tariffs. This limits the administration to other tools like Section 122, Section 301, and Section 232, which are powerful but have more defined processes and restrictions.
2. Refund Pathways: The Supreme Court clarified that the U.S. Court of International Trade has jurisdiction; this is great news for potential refunds because they have experience with the repayment process. Despite the president’s projection that it will be tied up in the courts for five years, that is unlikely. Advocacy is ongoing to urge the administration to simplify and expedite refunds.  
3. New Section 122 Global Tariffs: A 10% global tariff under Section 122 is now in effect. Although the president announced an increase to 15%, that has not been enacted. Will the next proclamation ensure that the new rate aligns with the trade deals, keeping some countries at 10% and honoring agreements with Europe, Japan and Korea to include MFN tariffs within the 15% rate?
4. More Section 301 and 232 investigations are coming soon: With Section 122 tariffs capped at 150 days unless extended by Congress, there’s pressure to get these investigations in place quickly. But affordability remains the critical election-year issue. There are advocacy opportunities in Washington and beyond as businesses seek exemptions or solutions to long-term trade barriers.

As developments unfold, our team is available to provide customized guidance on navigating these changes and addressing cross-border challenges. Please don’t hesitate to reach out for assistance at trade@apcoworldwide.com.

As a resource, linked here is our cheat sheet on the February 20th U.S. Supreme Court decision. Please also sign-up for future updates on trade, policy and geopolitics on our Agenda360 page.

Watch highlights of the breifings below, which were moderated by Rosalind Reischer and included additional regional commentary by Kate Zhou and Carmen Bell.