US to stop collecting Trump tariffs ruled illegal by supreme court
AI Summary
The US Customs and Border Protection (CBP) will stop collecting tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) following a Supreme Court ruling that deemed them illegal. The deactivation of tariff codes related to these orders took effect Tuesday at midnight. This decision potentially makes over $175 billion in previous US Treasury revenue subject to refunds. In response, Donald Trump implemented a new 15% global tariff under a separate legal authority, set to last up to 150 days. The move has injected uncertainty into financial markets, causing the US dollar to slump and gold prices to rise. The CBP stated it would provide further guidance to the trade community, while US officials attempted to reassure other countries about existing trade deals.
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