International Emergency Economic Powers Act (IEEPA) Tariffs

by Practical Law Commercial Transactions

A Practice Note on the tariffs imposed by President Trump under the International Emergency Economic Powers Act (IEEPA) to address several national emergencies declared by the president, including tariffs targeting imports from Canada, Mexico, and China to address a national emergency related to fentanyl trafficking and reciprocal tariffs on imports from nearly all countries to address a national emergency related to annual US trade deficits in goods. The Note discusses the Executive Orders (EOs) that directed the imposition of the tariffs, countermeasures, including the imposition of retaliatory tariffs on US goods and the filing of disputes at the World Trade Organization (WTO), by some affected countries, and legal challenges to the tariffs in US courts, including the Supreme Court decision striking down the tariffs.