Automated Commercial Environment (ACE)

Product

Last mentioned: 2d ago

Timeline

  1. Refund Implementation

    The U.S. Court of International Trade (CIT) is expected to establish refund procedures with CBP.

  2. Tariffs Imposed

    President imposes reciprocal and drug-trafficking tariffs citing IEEPA authority.

  3. SCOTUS Ruling

    Supreme Court strikes down the tariffs as unconstitutional in a 6-3 decision.

  4. Legal Challenge

    Importers challenge the constitutionality of using IEEPA for taxation at the CIT and Supreme Court.

Stories mentioning Automated Commercial Environment (ACE) 1

Financial Regulation Neutral

Supreme Court Voids IEEPA Tariffs: A $175B Refund Crisis Looms

The U.S. Supreme Court has ruled 6-3 that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs, declaring 2025's sweeping trade levies unconstitutional. This decision creates a potential $175 billion liability for the federal government and leaves importers scrambling for a refund mechanism.

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