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In a significant development impacting global trade, the United States Supreme Court has ruled that the tariffs imposed by former President Donald Trump on several countries are invalid. Following the verdict, the US Customs and Border Protection (CBP) announced that it would stop collecting the disputed tariffs starting from 12:01 a.m. on February 24 (US time). The tariffs had been imposed under the International Emergency Economic Powers Act (IEEPA), and importers have already been informed about the suspension of collections.
However, authorities have not yet clarified whether previously collected tariffs will be refunded to importers. The suspension announcement came three days after the Supreme Court struck down the tariffs, stating that the use of emergency powers to impose retaliatory duties was inappropriate. Despite the ruling, Trump announced a fresh proposal to impose a 15% tariff on global imports, though executive orders have not yet been issued, leaving uncertainty over implementation. Meanwhile, tariff rates affecting India have reportedly dropped from 50% to 15% amid the latest developments.
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