The U.S. Customs and Border Protection (CBP) has suspended the collection of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) effective February 24.
The announcement was sent to carriers via the Cargo Systems Messaging Service (CSMS).
According to the notice, beginning at 12:01 a.m. (U.S. time) on February 24, CBP will deactivate all tariff codes invoked by President Donald Trump under IEEPA authority.
The notice clarified that the suspension does not affect any other import duties imposed by President Trump, including tariffs enacted under Section 232 of the National Security Act and Section 301 of U.S. trade law addressing unfair trade practices.
Previously, on February 20, the Supreme Court of the United States struck down the tariffs imposed by President Donald Trump under the International Emergency Economic Powers Act (IEEPA). CBP did not explain why collections continued at ports of entry for three days following the court’s ruling.
U.S. Customs also provided no additional details regarding potential refunds for importers. “CBP will provide further guidance to the trade community through notices as appropriate,” the agency said.
According to estimates from the Penn-Wharton Budget Model (PWBM), IEEPA-related import tariffs generated approximately $175 billion in revenue for the U.S. government. On average, the country collected more than $500 million per day from those duties.
To offset the suspension of IEEPA-based tariffs, President Trump signed an executive order imposing an additional 10% tariff globally for 150 days, effective February 24. Nearly a day later, he announced the rate would be increased to 15%.
Reuters reported that politicians, business leaders, investors and analysts had hoped the period of turbulence in U.S. trade policy was drawing to a close. However, following last week’s Supreme Court ruling and Trump’s subsequent response, many now face the prospect of renewed uncertainty.
Speaking on CBS’s “Face the Nation,” Christine Lagarde, President of the European Central Bank, said developments in the United States were shaking long-standing trade balances and could create disruption.
“You need to know the traffic rules before you get behind the wheel. The same applies to trade and investment. People want to do business; they don’t want to end up in litigation,” she said. Lagarde expressed hope that any future U.S. tariff measures would be “carefully considered” and consistent with constitutional principles, so as not to create further challenges.
