What To Know About Trump’s Latest Tariffs Being Struck Down

MoneyTaxesWhat To Know About Trump’s Latest Tariffs Being Struck DownByNathan Goldman,Contributor.Forbes contributors publish independent expert analyses and insights. Nathan Goldman is a tax prof. at NC State Univ.Follow AuthorMay 08, 2026, 11:18am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.TrumpAFP via Getty ImagesFollowing the Supreme Court’s decision to strike down President Donald Trump’s International Emergency Economic Powers Act of 1977 tariffs, Trump issued new 10% tariffs under the seldomly used Section 122. However, a panel of judges has now struck down these new tariffs. While Trump remains steadfast in his commitment to apply tariffs on goods coming into the U.S., there is uncertainty as to what these tariffs will look like moving forward. Despite the losses, Trump continues to be seeking out new ways to impose tariffs on goods entering the U.S. Donald Trump And TariffsEarly in his second term as President, Trump invoked the IEEPA to impose sweeping tariffs on Canada, Mexico, and China. A couple of months later, on “Liberation Day,” Trump followed the same law and imposed a 10% tariff on most goods imported globally, as well as tariffs on specific countries labeled as reciprocal tariffs. However, one key issue with these tariffs kept surfacing – the U.S. Constitution does not allow the President to impose tariffs. Instead, this power resides with Congress. Approximately one year after these tariffs were imposed, a significant number of them were struck down, according to The New York Times. In particular, the tariffs specifically aimed at Canada, Mexico, and China, and the reciprocal global tariffs (both implemented under the IEEPA) were deemed illegal. The result is that the tariffs were immediately nullified, and those who paid them were entitled to refunds. ForbesWhat Importers Need To Know As Tariff Refund Battles BeginBy Nathan GoldmanNot all tariffs were overturned. In...