On February 20, 2026, President Donald Trump issued a proclamation announcing that he was imposing a temporary import surcharge (i.e., tariff) pursuant to section 122 of the Trade Act of 1974 (19 U.S.C. Section 2132) to address “fundamental international payments problems” that “could impair United States national interests, including economic and national security interests.” Stating
IEEPA-Based Tariffs Ending February 24, 2026
On Sunday, February 22, 2026, U.S. Customs and Border Protection (CBP) issued Cargo Systems Messaging Service (CSMS) Message # 67834313 to clarify that the U.S. government will stop collecting tariffs subject to the International Emergency Economic Powers Act (IEEPA) beginning Tuesday, February 24, 2026. The CSMS message follows the U.S. Supreme Court’s decision on Friday
U.S. Supreme Court Invalidates IEEPA as a Lawful Authority to Impose Tariffs
On February 20, 2026, the U.S. Supreme Court (SCOTUS) in a 6-3 ruling determined that President Donald Trump’s use of the International Economic Emergency Powers Act (IEEPA) to impose tariffs was unlawful. In its decision, the SCOTUS stated: “When Congress grants the power to impose tariffs, it does so clearly and with careful constraints.
President Trump Issues Executive Order to Address Continuing Threats by Iran
On February 6, 2026, President Donald Trump signed an Executive Order continuing the national emergency with respect to Iran and establishing a process to impose tariffs on countries that acquire any goods or services from Iran to protect the national security, foreign policy, and economy of the United States. The Executive Order “impose[s] an additional
President Trump Lowers IEEPA-Based Tariffs on India and Announces Framework for Bilateral Interim Trade Agreement
On February 6, 2026, President Donald Trump issued both an Executive Order (“EO”) and a joint statement announcing a “framework for an Interim Agreement” with India that reduces U.S. tariffs on imports of Indian products, lowering the overall rate from 50% to 25% with a further reduction to 18% to be “promptly” implemented. Effective February
BIS Amends the EAR to Remove Arms Embargo Designation on Cambodia
On February 3, 2026, the Department of Commerce’s Bureau of Industry and Security (BIS) issued a final rule removing Cambodia from the list of U.S. arms-embargoed countries—Country Group D:5—within the Export Administration Regulations (EAR). This actions follows the White House’s October 2025 decision to lift the U.S. arms embargo on Cambodia, and aligns with the
OFAC Issues General License Authorizing Certain Oil Activities in Venezuela
On January 29, 2026, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 46, “Authorizing Certain Activities Involving Venezuelan-Origin Oil.” The general license authorizes all transactions prohibited by the Venezuela Sanctions Regulations, 31 C.F.R part 591, including those involving the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA)
President Trump Imposes Additional Tariff on Countries That Sell Oil to Cuba
On January 29, 2026, President Donald Trump issued Executive Order 14380 to impose an additional ad valorem duty on goods from countries that directly or indirectly sell or otherwise provide oil—that is, crude oil or petroleum products—to Cuba. Although the executive order, which took effect on January 30, 2026, appears broad in scope, it clarifies
OFAC Continues to Extend Venezuela General License Delaying PdVSA 2020 8.5% Bond-Related Authorizations
On February 2, 2026, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 5U, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After March 20, 2026,” which continues to delay U.S. persons’ ability to enforce bondholder rights to the CITGO
President Trump Announces New 25% Section 232 Tariff on Narrow Category of Semiconductors Critical to AI
On January 14, 2026, President Donald Trump issued Proclamation 11002, announcing that, effective January 15, 2026, the United States is levying a 25% tariff on “a very narrow category of semiconductors” critical to the artificial intelligence (AI) sector, unless those semiconductors are imported “to support the buildout of the United States supply chain.” The