Washington, March 7 (IANS) A US government agency is working on a new system to simplify the tariff refund process that could be ready in 45 days, a report said, as many companies seek refunds of the Trump administration’s emergency duties that the Supreme Court struck down last month.Brandon Lord, executive director of U.S. Customs and Border Protection (CBP)’s trade policy and programs directorate, unveiled the work on a streamlined process requiring “minimal submission” from importers, in a f…
Latest International Emergency Economic Powers Act News & Updates
Washington, March 7 (IANS) The United States has filed civil forfeiture complaints seeking to seize more than $15 million allegedly linked to an illicit Iranian oil distribution network accused of evading American sanctions and using the US financial system to support entities tied to Iran’s Revolutionary Guard.The Department of Justice said the complaints were filed in the US District Court for the District of Columbia, alleging that more than $15.3 million was used to fund a network that sol…
New Delhi, Feb 24 (IANS) In a little over a year since he took office as the 47th President of the United States on January 20 last year, Donald Trump has managed to stir the world order a few times with frequent changes made using two of his favourite words – trade and tariffs.First, he introduced a set of “reciprocal tariffs” last year that forced several countries to scurry for inking trade deals with Washington or agree to negotiations as the dice appeared to be loaded against them.”After …
Washington, Feb 24 (IANS) US President Donald Trump is considering fresh national security tariffs on a half-dozen industries after the Supreme Court struck down many of his second-term levies, a media report said.According to a Wall Street Journal report, the proposed measures could target sectors including large-scale batteries, cast iron and iron fittings, plastic piping, industrial chemicals, and power grid and telecom equipment.The tariffs would be issued under Section 232 of the Trade Expa…
Washington, Feb 24 (IANS) US Senate Democrats have introduced legislation to force the Trump administration to refund billions of dollars in tariffs after the Supreme Court struck them down as unlawful.US Senator Ben Ray Lujan said President Donald Trump had “ignited a global trade war the moment he took office by illegally imposing sweeping tariffs and causing pain for millions of Americans.”The proposed Tariff Refund Act of 2026 would require full refunds, with interest, of tariffs imposed…
Seoul, Feb 23 (IANS) South Korea will continue holding “amicable” consultations with the United States on tariff issues to safeguard the favourable export conditions secured through its bilateral trade deal with the US, Seoul’s industry minister said on Monday.Kim Jung-kwan, minister of trade, industry and resources, also vowed continued support for local businesses to boost their global competitiveness amid trade uncertainties, reports Yonhap news agency.”Under the principle of maximising natio…
Washington, Feb 23 (IANS) US Treasury Secretary Scott Bessent has sought to shift the spotlight away from whether the Trump administration will refund nearly $134 billion collected under now-invalidated emergency tariffs, saying that the Supreme Court’s decision was “very narrow” and that the White House is moving quickly to new tariff authorities that keep 2026 revenue projections “unchanged”. In an interview with the CNN on Sunday, Bessent rejected the premise that refunds are the central issu…
Washington, Feb 23 (IANS) US Trade Representative Jamieson Greer has sought to calm global nerves after the Supreme Court struck down a key plank of President Donald Trump’s tariff regime, telling allies and trading partners that existing agreements remain safe and that Washington’s trade policy “hasn’t changed” despite a shift in legal tools. In an interview to a top US television channel on Sunday, Greer signalled that while the Trump administration is pivoting from emergency powers to other…
New Delhi, Feb 22 (IANS) India and Washington have decided to reschedule the official meeting over the interim bilateral trade agreement, so that both sides can factor in the implications of the US Supreme Court judgment striking down the Trump administration’s tariff hikes, according to reliable sources.A three-day meeting between teams headed by the chief trade negotiators of the two countries was earlier slated to take place in the US on February 23.A senior official confirmed that the propos…
Washington, Feb 22 (IANS) US President Donald Trump raised a newly imposed global tariff to 15 per cent, invoking Section 122 of the Trade Act of 1974 as reported by The Wall Street Journal, a move that escalates his trade offensive a day after the US Supreme Court struck down much of his earlier tariff regime.In a post on Truth Social, Trump said the increase followed “a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Ta…