- The Supreme Court of the United States issued a major ruling on tariffs imposed by former President Donald Trump. The Court declared that the tariffs were not valid under the law. After the ruling the US government started to execute the decision.
- US Customs and Border Protection announced that it will stop collecting the invalid tariffs starting Tuesday. The agency confirmed that it will follow the Court's order without delay.
Tariff Collection to Stop from February 24
- Officials stated that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) will be suspended from 12:01 a.m. on February 24, US time. Importers have already received formal communication about this change.
- The agency did not provide information about whether they will return the tariffs which they collected in the past. There is no official statement on reimbursement at this time.
Court Ruling and Government Response
- The suspension announcement came three days after the Supreme Court's decision on February 20. The Court ruled that the use of emergency powers to impose retaliatory tariffs was not legally valid. The authority which established those tariffs was canceled because of this ruling.
- Donald Trump declared his intention to establish new tariffs. He stated that these tariffs would take effect from February 24. However, no executive order has been issued to confirm this action.
Uncertainty Around New Tariffs
- The government has not decided if it will implement the proposed 15 percent tariffs. The government has not confirmed that it will enforce the law because it has not issued an official executive order.
- The recent developments have resulted in a decrease of Indian tariffs from 50 percent to 15 percent. The US administration will provide additional information during the upcoming time period.
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