President Trump announced new 10% tariff in response to Supreme Court rejecting IEEPA tariffs

President Trump announced a new 10% tariff on all imports under Section 122 of the Trade Act of 1974 in response to the Supreme Court ruling overturning tariffs imposed under the International Emergency Economic Powers Act, or IEEPA. While the decision is a significant rebuke of the President’s power, it is narrow in scope and does not affect the primary tariff programs impacting HVACR equipment. It is unclear if the new 10% tariff will be layered on top of existing Section 232 and 301 tariffs.