A February 2026 Supreme Court decision invalidated broad reciprocal tariffs imposed under the International Emergency Economic Powers Act, limiting executive authority. The ruling required U.S. Customs and Border Protection to open the CAPE portal to process refund claims for duties collected under the invalidated emergency declarations. Refunds are expected to be substantial, with GM projecting about $500 million in refunds as totals exceed $35 billion, and interest accruing at roughly $650 million per month. Tariffs tied to trade deficits, fentanyl concerns, and border security were affected, while tariffs imposed under other statutes such as Section 232 and Section 301 were not. The administration had begun imposing the invalidated tariffs in April 2025, and customs collections rose sharply in 2025. Markets reacted with declines amid trade-war, inflation, supply-chain, and recession fears.
"The Supreme Court's 6-3 February 2026 ruling struck down IEEPA tariffs, forcing CBP to open the CAPE portal. GM expects $500 million back as refunds top $35 billion, with interest accruing at $650 million per month. It really pisses me off, Trump said candidly in the interview. Can you imagine to people who hate us, to countries that ripped us off for years, I've got to give them back $149 billion."
"The Court issued a 6-3 ruling in February 2026, holding that Trump's use of the International Emergency Economic Powers Act to impose broad reciprocal tariffs exceeded his executive authority. The justices found that IEEPA, a 1977 statute designed for national emergencies and sanctions, did not authorize sweeping tariffs of the kind Trump imposed starting in 2025. The ruling invalidated a large share of the duties collected under those emergency declarations, including tariffs tied to trade deficits, fentanyl concerns, and border security."
"Tariffs imposed under separate statutes, including Section 232 on steel and aluminum and Section 301 on Chinese goods, were not affected. The administration imposed the invalidated tariffs beginning with Liberation Day on April 2, 2025, when Trump announced a minimum 10% reciprocal tariff on nearly all imports. Rates were set higher for dozens of countries, with China facing the steepest levies. Gross customs collections for the calendar year 2025 reached roughly $264 billion, up from about $79 billion in 2024."
"U.S. Customs and Border Protection launched the CAPE portal, short for Consolidated Administration and Processing of Entries, in April 2026 to handle claims. More than 330,000 importers of record, covering millions of individual entries, are eligible to file. Markets, including digital assets like bitcoin ( BTC), shuddered in value due to fears of a trade war, higher inflation, supply chain disruptions, and recession risks."
Read at news.bitcoin.com
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