DIVYA DELHI : The U.S. Customs and Border Protection (CBP) will halt collections of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) beginning 12:01 a.m. EST on February 24, 2026, after the U.S. Supreme Court ruled the duties illegal. In a notice to shippers, CBP said it will deactivate all tariff codes tied to IEEPA-related orders issued by President Donald Trump. The agency clarified that the halt does not affect tariffs imposed under Section 232 or Section 301 authorities. The move comes as the administration introduces a new 15% global tariff under a separate legal authority to replace the invalidated measures. According to Reuters, the ruling could expose more than $175 billion in previously collected revenue to potential refunds. The Penn-Wharton Budget Model estimates the IEEPA tariffs had been generating over $500 million per day.
