By Admin 
Tariffs in Trouble: Three days after President Donald Trump received a big blow from the Supreme Court of the United States and his tariff decision was declared illegal, the US Customs Department has made an important announcement. US Customs and Border Protection (CBP) has said that the collection of increased tariff rates under the International Emergency Economic Powers Act (IEEPA) will be stopped starting at 12:01 am (local time) on Tuesday.
Big blow to Trump
Ban on Trump’s tariff: After the Supreme Court banned Trump’s tariff order, he has announced the imposition of a new global tariff of 15 percent. However, the charges imposed under the earlier IEEPA order will now be abolished. According to news agency Reuters, in the notice issued through Cargo Systems Messaging Service (CSMS), it has been said that from Tuesday those tariffs, which were implemented under the President’s earlier IEEPA order, will be removed.
Situation on refund unclear: CBP has not clarified why tariff collection continued for several days at port entry points despite the Supreme Court decision. Also, it has not been made clear whether the duty already collected will be refunded to the importers or not.
Ban on tariff collection
According to the report, an economist at Penwarden Budget Model has estimated that more than $175 billion may be eligible for refund under the IEEPA tariff after the Supreme Court decision.
It is estimated that America was earning an average of about 500 million dollars per day from these tariffs. Which duties will not be affected? The ban on tariffs related to IEEPA will not affect the duties under Section 232 and Section 301 imposed by the Trump administration under the National Security Act. Those charges will remain in effect as before.
What did Trump say on the court’s decision?
After Friday’s decision, President Donald Trump strongly criticized the judges of the Supreme Court of the United States. Trump said that he is extremely ashamed of the judges of the US Supreme Court, who have given a very disappointing decision in the case related to tariffs.
However, he admitted that he had tried to simplify matters by using emergency powers. Trump also said that he has other legal options, but those options will take more time to implement.
Also read: Earthquake in IDFC First Bank shares, stock at lower circuit of 15%; Shock due to fraud of Rs 590 crore