Saving Seafood

Trade lawyers predict tariff refunds will take months

February 24, 2026 — The U.S. Supreme Court struck down President Donald Trump’s International Emergency Economic Powers Act (IEEPA) tariffs, setting up thousands of companies for a refund, but trade lawyers predict it will likely be months before importers see the money.

U.S. Customs and Border Protection (CBP) sent out a communication indicating as of 12 a.m. Eastern Standard Time on 24 February it stopped collecting duties related to seven different executive orders issued by Trump, all of which fell under the IEEPA. Even though the tariffs have ceased, acquiring a refund could take several months, according to trade lawyers contacted by SeafoodSource.

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Trump vows to enact 15 percent global tariff following Supreme Court rebuke

February 23, 2026 — U.S. President Donald Trump said he plans to impose a new 15 percent tariff on all trade following a U.S. Supreme Court decision that invalidated his previous tariffs.

In a press conference following the Supreme Court decision on 20 February – and in a post on his social media site Truth Social that mirrored what he said at the conference – Trump said he plans to use Section 122 of the Trade Act of 1974 to impose a 10 percent tariff “over and above our normal tariffs already being charged.” Section 122 was established to allow the U.S. president to impose duties on other countries related to “large and serious” balance of payments issues.

Read the full article at SeafoodSource