US Customs Authorities: "Suspension of IEEPA tariff collection from the morning of the 24th"

"Tariffs related to Sections 232 and 301 will continue to be collected"

No information provided on the reason for the delayed implementation after the Supreme Court ruling or on tariff refunds

US Customs and Border Protection (CBP) announced it will suspend collection of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) starting at 12:01 a.m. Eastern time on the 24th (2:01 p.m. Korea time on the 24th).

According to Reuters on the 23rd (local time), CBP said in a Cargo Systems Messaging Service (CSMS) notice sent to shippers that it will deactivate all tariff codes linked to President Trump’s previous IEEPA-related orders beginning on the 24th. The move follows the US Supreme Court’s ruling on the 20th that tariff collection under the IEEPA is unlawful.

The notice, however, specified that the suspension does not affect tariffs imposed under Section 232 of the national security law and Section 301 of the unfair trade practices law. CBP said it would "provide additional guidance to the trade community through CSMS messages as needed."

CBP did not say whether it will begin collecting, as of that day, the 15% tariff under Section 122 that President Trump newly decided on after IEEPA-based tariffs were deemed unlawful. It also provided no information on why tariffs continued to be collected at ports of entry for several days after the Supreme Court ruling, or on the possibility of refunds for importers.

Earlier, President Trump imposed a new 15% global tariff under Section 122 of the Trade Act to replace the existing tariffs that the Supreme Court found unconstitutional.

Reuters reported that, as a result of the Supreme Court decision, more than $175 billion (about 252 trillion won) in US Treasury revenue generated by IEEPA tariffs could be subject to refunds. The estimate was based on calculations by economists with the Penn-Wharton Budget Model, who said their proprietary forecasting model suggests IEEPA-based tariffs generate more than $500 million in total daily revenue.

Kim Jeong-a, contributing reporter kja@hankyung.com