Trump tariffs poised to ramp up again soon, another wildcard for shipping
- Section 122 tariffs at a universal 10% expire on July 24; Trump administration plans to replace them with new Section 301 tariffs before they expire
- New section 301 tariffs are meant to mimic IEEPA tariffs struck down by the Supreme Court in February; IEEPA tariffs were higher than Section 122 tariffs
- CBP has already certified $85bn in IEEPA refunds with $20.6bn already sent to Treasury Department for disbursement; total amount is estimated at $166bn
- Court of International Trade ruled against Trump’s Section 122 tariffs on May 7; they continue to be collected as the case is appealed
The geopolitical puzzle facing shipping markets is already extremely complicated. It’s about to get even more complex, because Trump tariff policies are about to reach another turning point — one that is likely to inflame trade tensions
