Policies & IssuesFeb 20, 2026
Supreme Court Rules Against Most of President Trump’s TariffsPolicies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already Imposed
After the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
As of 12:00 a.m. Eastern on Feb. 24, U.S. Customs and Border Protection has terminated all tariffs President Donald Trump imposed under the International Emergency Economic Powers Act.
New York—The tariffs President Donald Trump imposed under the International Emergency Economic Powers Act were terminated at midnight EST on Feb. 24, but a new tax on imports already is in place and could increase.
In an announcement issued Sunday night, U.S. Customs and Border Protection said it has deactivated the applicable codes in ACE, its system for processing imports and exports, so IEEPA duties will no longer be collected on entries made on or after Feb. 24.
CBP’s announcement followed the release of an executive order terminating these duties in accordance with the U.S. Supreme Court’s ruling that the President cannot impose tariffs under IEEPA, a 1977 law intended to be used in case of national emergencies.
The termination applies only to the tariffs imposed using IEEPA, including the “reciprocal” tariffs that vary country by country.
It does not affect those imposed under different laws, like the steel and aluminum tariffs.
In an announcement issued Sunday night, U.S. Customs and Border Protection said it has deactivated the applicable codes in ACE, its system for processing imports and exports, so IEEPA duties will no longer be collected on entries made on or after Feb. 24.
CBP’s announcement followed the release of an executive order terminating these duties in accordance with the U.S. Supreme Court’s ruling that the President cannot impose tariffs under IEEPA, a 1977 law intended to be used in case of national emergencies.
The termination applies only to the tariffs imposed using IEEPA, including the “reciprocal” tariffs that vary country by country.
It does not affect those imposed under different laws, like the steel and aluminum tariffs.
While the Supreme Court’s decision states that IEEPA cannot be used on its own to impose tariffs, both Jewelers of America and the Jewelers Vigilance Committee noted immediately following Friday’s ruling that there are other avenues for tariff implementation.
Within hours of the ruling, Trump issued a Presidential Proclamation imposing a temporary global import surcharge of 10 percent under section 122 of the Trade Act of 1974.
The provision empowers the president to impose temporary import duties of up to 15 percent to “deal with large and serious United States balance-of-payments deficits.”
Most imported goods will be subject to the surcharge.
Related stories will be right here …
Within hours of the ruling, Trump issued a Presidential Proclamation imposing a temporary global import surcharge of 10 percent under section 122 of the Trade Act of 1974.
The provision empowers the president to impose temporary import duties of up to 15 percent to “deal with large and serious United States balance-of-payments deficits.”
Most imported goods will be subject to the surcharge.
Raw gold products and other items listed in Annex II of the September 2025 executive order regarding reciprocal tariffs will be exempt.
It was not immediately clear as of press time what would happen with the products listed in Annex III, a list that includes rough and polished natural diamonds and gemstones, and natural pearls.
Those products were set to be exempt from tariffs when and if the United States reached a trade deal with the countries importing them; one such deal was in the works with India.
On Saturday, the president said via a post on Truth Social that he would increase the tax to the maximum allowed—15 percent—but the administration had not taken official action on the threatened increase as of press time Tuesday.
The new tariffs will remain in place for 150 days (the statute’s maximum), after which it will expire unless Congress authorizes their continuation.
Importers will see continued higher costs for imports, though now under a different legal authority, JVC noted in a member alert issued Monday.
The organization added that the administration will be holding tariff hearings in the coming months to re-implement additional tariffs using other laws and regulations.
JVC encourages importers to contact customs brokers and international trade counsel to confirm that entries filed on or after Feb. 24 are processed correctly under the new structure.
The organization will post updates to its Tariff Tracker.
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