Tracking Tariffs: if at First you don’t Succeed, Try Again!

President Donald Trump has made it no secret that tariffs on foreign imports would be a critical part of his economic and foreign policies. Shortly after his 2nd Inauguration, his administration imposed tariffs on certain imported goods, under the International Emergency Economic Powers Act (IEEPA). These have already raised $194 Billion in tariff revenues, with projections of $1.6 Trillion in expected revenues over the next decade.

However, these tariffs hit a critical roadblock, when they were successfully challenged in the courts by various companies and organizations, working their way all the way up to the Supreme Court. On February 20th, the Supreme Court ruled that Donald Trump lacked the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA). In addition to the immediate termination of the tariffs, Judge Richard Eaton, at the Court of International Trade, ordered the Trump administration to ask Customs and Border Protection to recalculate its revenues without the tariffs, identifying potential refunds for impacted companies, estimated at about $166 Billion.

Recouping the rebates on tariffs will be a complicated process, and dependent on how companies accounted for the tariffs. The problem here is that no one is still sure how long this will take, or even how the process will work. Businesses who reported tariff expenses as a clear-line item, are the likeliest to receive refunds, faster and with fewer complications. On the other hand, companies who have utilized more creative accounting methodologies, such as changed supply lines, or selective increases in retail pricing, may have a more difficult time identifying and documenting specific amounts. The process has become so burdensome and complex, that some businesses have even sold their right to refunds, to investment firms, often at a deep discounts, hoping that expertise at those companies will get them back something, rather than risk getting back nothing.

Meanwhile, President Trump confidently forges ahead with leveraging alternative approaches to reimpose the tariffs. On February 24, 2026, the Trump administration implemented a 10% additional global tariff under Section 122 of the Trade Act of 1974, which allows the President to act without congressional approval to address “large and serious” balance-of-payments deficits for up to 150 days, and applying uniformly to all countries, with the exception for products qualifying for preferential treatment under the United States — Mexico — Canada Agreement (USMCA). Furthermore, on April 6, 2026, President Trump has implemented Section 232 tariffs on steel, aluminum, and copper, imposing 50% duties on raw steel, aluminum, and copper imports, 25% duties on derivative products made “substantially” of steel, aluminum, or copper, 15% duties to specific metal-intensive industrial and electrical grid equipment through 2027, and 10% duties on products made abroad using entirely U.S.-sourced metal.

Additionally, the Trump Administration is utilizing Section 301 of the 1974 Trade Act to identify and penalize any governments engaging in unfair labor practices, harming the United States. Several countries, including China, the European Union, Mexico, Canada, Australia, and Brazil, are being investigated for potential failure to ban goods made by forced labor, which would qualify as unfair trade practices harming the USA. Additionally, the American government is looking into 16 countries, including the European Union, China, South Korea, and Japan, to see if they are subsidizing excessive factory capacity in a way that disadvantages U.S. manufacturing. Both of these investigations require hearings to be held within the next couple of months.