The IEEPA Era Is Over

Three weeks ago, the US tariff landscape changed more dramatically than at any point in the past year. If you move goods across the US–Canada border and haven’t had time to work through the implications, this issue is for you. Here’s what happened, what it means, and what’s coming next. What Happened On February 20, 2026, the US Supreme Court ruled 6–3 in Learning Resources, Inc. v. Trump that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose tariffs. Within hours, President Trump signed an executive order terminating all IEEPA-based tariffs, effective February 24 at 12:00am ET. This ended the tariff regime that had been in place since March 2025 — including the 25% tariffs on Canadian goods and the so-called “Liberation Day” reciprocal tariffs on most other countries. What Replaced It (Immediately) One minute after IEEPA tariffs terminated, a new 10% global import surcharge took effect under Section 122 of the Trade Act of 1974. Key fac