Source: The American Prospect
by David Dayen
“At 12:01 this morning, the United States officially ended collection of its International Emergency Economic Powers Act (IEEPA) tariffs, which were ruled unconstitutional by the Supreme Court last Friday. By now, you’re probably aware that President Trump has replaced these tariffs with a 15 percent levy based on Section 122 of the Trade Act of 1974, which allows for a tariff of that size for up to 150 days to deal with a balance-of-payments deficit. The administration has been planning this switch for months, once the Supreme Court’s position on IEEPA became clear at oral arguments. It is interpreting a trade deficit, which has essentially not changed at all despite nearly a year of tariffs, as fitting the balance-of-payments standard; some experts do not agree with that interpretation, meaning that litigation could ensue on these tariffs, too.” (02/24/26)
https://prospect.org/2026/02/24/looming-chaos-trump-tariff-refunds/