The US tariff environment changed after the Supreme Court decision in February that invalidated the use of IEEPA tariffs. The administration responded by invoking Section 122 tariffs to maintain a universal 10 per cent tariff baseline. These duties can rise to 15 per cent. They sit on top of the Most Favoured Nation tariff rate and existing Section 301 duties. The shift also opened the door for new Section 301 investigations that could restore tariff levels similar to those previously applied under IEEPA, including the Reciprocal and Fentanyl tariffs.

Separately, the US Court of International Trade ordered nationwide refunds for duties collected under IEEPA tariffs. US Customs and Border Protection must now implement a refund process. The table below summarises the status of core tariff regimes following the ruling. Language has been corrected for clarity, but all data is unchanged.

Status overview after the IEEPA ruling
Status after IEEPA ruling Legal authority What it means in practice
New and enforced tariffs Section 122 Section 122 now applies a 10% global import surcharge, but this can be increased to 15%. It applies on top of the Most Favoured Nation (MFN) tariff rate and existing Section 301 duties. USMCA and sectorial/232-related exemptions and stacking principles follow similar patterns as before. The Section 122 tariffs are limited to 150 days, unless extended by Congress.
Unchanged tariffs Sections 301 and 232 Tariffs under Section 301 remain in place for China, with duty rates between 7.5 and 100 per cent. Measures under Section 232, including duties on steel and aluminium, are unchanged.
Investigations and potential future tariffs Section 301 New Section 301 investigations are underway. These investigations allow the administration to introduce targeted, country specific or product specific tariffs once completed, potentially reaching the same levels as IEEPA-duties. 60 economies are being investigated , including EU, Mexico, India and China. Find the full list here./td>

 

IEEPA refunds and timelines

The ruling from 4 March 2026 requires the refund of unlawfully collected IEEPA tariffs. The decision covers all importers. It is not limited to those that filed lawsuits. CBP has said it cannot implement refunds immediately due to system constraints. Instead, CBP plans to modify its system within 45 days of the ruling. Refund processing may begin in late April or May 2026. The process will include verification and compliance checks, which may extend timelines for many companies.

Unliquidated entries, which are usually within roughly 314 days of importation, will be the easiest to adjust and refund. Once liquidation becomes final, and the 180‑day protest period has passed, refunds may require additional legal steps. Since the IEEPA tariffs were introduced in 2025, many entries are still within normal liquidation cycles. This should simplify the refund process once CBP completes the system adjustments.

New Section 301 investigations

On 11 March 2026, the administration launched new Section 301 investigations targeting around 60 economies. These include China, the EU, Japan, South Korea, India, Mexico and Vietnam. The investigations may lead to permanent and country‑specific tariffs later in 2026. These tariffs could reach levels similar to the now‑invalidated IEEPA duties.

The process is moving quickly. Written comments are due by 15 April 2026. Public hearings are scheduled for 28 April 2026 in Washington, DC, with virtual participation available. For Swedish exporters, the inclusion of the EU increases exposure at a moment when the ratification of the EU–US trade agreement is on hold.

What Swedish companies should do now
  • Swedish companies can take several steps to manage the current environment: Participate in the currently open Section 301 comment processes before 15 April by submitting input through the USTR website. This can be done directly or with support from legal counsel, industry associations or trade groups
  • Assume continued friction in EU–US trade relations 
  • Re‑evaluate tariff exposure and related cost models
  • Treat Section 122 as temporary and prepare for targeted duties after the Section 301 investigations conclude
  • Strengthen contractual and commercial flexibility to manage sudden changes in tariff levels 
  • Assess whether US or North American localisation could reduce long‑term exposure
What to watch
  • Key developments to monitor include: CBP guidance on the IEEPA refund mechanism, including updates to the Automated Commercial Environment system
  • The Section 301 comment deadline on 15 April and hearings on 28 April
  • The overdue release of the Bureau of Industry and Security’s January HTS‑code inclusion process for 232 steel and aluminium tariffs 
  • Developments in EU–US trade negotiations
Get SME tariff support

Swedish small and medium‑sized enterprises can join the US–Sweden Tariff Intelligence and Advisory Platform to access webinars and stay updated on new tariff developments. Large companies are welcome to register as well. Click here to register for the US–Sweden Tariff Intelligence & Advisory Platform

Get in touch

Business Sweden has extensive experience in tariff scenario analysis, localisation planning and supplier assessments. For support with your supply chain or to understand how new tariffs may affect your US operations, please contact Johan Karlberg or Vlad Månsson.

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