The Section 122 Import Surcharge was imposed under the February 20, 2026 Presidential Proclamation titled “Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems.” Pursuant to Section 122 of the Trade Act of 1974, the proclamation applies an additional 10% ad valorem duty on most imported articles from every country for a period […]
Read MoreCBP Ends IEEPA Duty Collections effective 12:00 a.m. ET on February 24, 2026, following the February 20 Executive Order titled “Ending Certain Tariff Actions.” U.S. Customs and Border Protection (CBP) issued formal guidance confirming that duties imposed under the International Emergency Economic Powers Act (IEEPA) will no longer be collected for goods entered for […]
Read MoreThe Supreme Court IEEPA tariffs ruling has struck down tariffs imposed under the International Emergency Economic Powers Act (IEEPA), reshaping the U.S. trade landscape and raising urgent questions about refunds and replacement trade measures. In a 6–3 decision, the Court ruled that IEEPA does not authorize the President to impose tariffs. The decision affirms the […]
Read MoreRising geopolitical tensions in the Middle East have triggered renewed warnings for the global shipping industry. The United Kingdom Maritime Trade Operations (UKMTO), which provides security advisories for commercial vessels, has urged heightened caution for ships navigating the Arabian Gulf, Gulf of Oman, and the Strait of Hormuz. The advisory comes ahead of U.S.-Iran nuclear […]
Read MoreOn May 28, 2025, the U.S. Court of International Trade (CIT) issued a significant ruling that blocks the Trump Administration’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs on foreign imports. The decision impacts a broad range of tariffs, including those targeting fentanyl-related imports from Canada, Mexico, and China, as well […]
Read MoreU.S. President Donald Trump announced Tuesday that Yemen’s Houthi militants have agreed to cease their 18-month campaign of missile and drone attacks on commercial vessels in the Red Sea. If confirmed, this could pave the way for major ocean carriers to resume using the Suez Canal, potentially creating vessel overcapacity in an already strained container […]
Read MoreHouthi militants have warned they will restart attacks on merchant shipping in the Red Sea unless Israel restores humanitarian aid and electricity to Gaza, which were cut earlier this month. In a televised speech on March 8, Houthi leader Abdul-Malik Al-Houthi gave Israel four days to lift the blockade on Gaza aid, halted since March […]
Read MoreOcean carriers remain unwilling to restore services through the Red Sea and Suez Canal until a “full and permanent” ceasefire is established between Israel and Hamas, according to Inchcape Shipping Services. The ongoing instability in the region suggests that vessel diversions around southern Africa will continue for the foreseeable future, Chris Greenwood, vice president of […]
Read MoreThe Red Sea, one of the world’s busiest shipping lanes, faces unprecedented risks as Houthi rebels launch escalating attacks on commercial vessels. Houthi Motives and the Murky Web of Attacks: The Houthis, backed by Iran, claim their strikes target vessels with Israeli ties. However, experts highlight the indiscriminate nature of attacks, raising concerns about wider […]
Read MoreDouble Trouble: Global supply chains are bracing for a potential “milder version” of the pandemic’s crisis due to disruptions at both the Suez and Panama Canals. Attacks by Houthi militants in the Red Sea have forced shipping companies to reroute vessels, adding 7-10 days to voyages and potentially doubling ocean freight prices. Meanwhile, drought-induced restrictions […]
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