Trump and his tariffs – November 2025

Trump enacted the International Emergency Economic Powers Act to apply sweeping tariffs onto many countries and industries. Its viability is currently being litigated by the supreme court with an expectation of a ruling by late this year or early next year. The judges seem to be leaning 6-3 in favor of dismantling the tariffs. If they succeed, an estimated $140b will be returned to companies who paid those extra duties. There are other ways of implementing new tariffs while bypassing congress but they are much weaker than the current regime. Section 122 allows up to 15% tariffs up to 150 days. Another route is through Section 301and 232, which allows targeted tariffs against countries and industries, following an inquiry. Section 232 is currently being used on levies on cars and steel. 301 was the basis for tariffs during Trump’s first term. A final option is Section 338 which allows retaliatory levies on countries with ‘unreasonable trade practices’ and does not require lengthy investigations.

Beneficiaries might include companies with significant Chinese imports or companies exposed to other bilateral tariffs.