IEEPA Tariffs Are Dead. Here's How to Find Out What You Overpaid.

On February 20, 2026, the Supreme Court struck down IEEPA tariffs. If you've been paying them (and most US importers have), you may be owed a refund. The problem: most companies have no idea what they actually paid under IEEPA versus their other tariff layers, and the window to file claims is not going to stay open forever.

This post explains what happened, what it means for your landed costs, and how to calculate your potential refund in about 60 seconds.

What the Supreme Court Actually Ruled

The Court found that IEEPA (the International Emergency Economic Powers Act) did not grant the executive branch authority to impose broad tariff schedules. The ruling effectively invalidated the IEEPA reciprocal tariff framework that had been adding 10-25% (and in some cases higher) on imports from dozens of countries, with China bearing the highest rates.

The ruling came down February 20. By February 24, Congress had already passed a replacement: Section 122 of the Trade Act, which imposes a flat 10% global tariff, but with two critical exemptions that change the math significantly for many importers.

Section 122 Replaced IEEPA. But It's Not the Same Thing.

Here's what the new Section 122 tariff looks like as of February 24, 2026:

• Rate: 10% flat on most imports
• Expiration: July 24, 2026 (150-day authority)
• Exempt: USMCA partners. If your goods are manufactured in Mexico or Canada and qualify under USMCA rules of origin, Section 122 does not apply.
• Exempt: Products already subject to Section 232 (steel, aluminum, and their derivatives)

That USMCA exemption is significant. Under IEEPA, Mexico-origin goods that qualified under USMCA were still subject to IEEPA fentanyl tariffs (25%) on top of USMCA preferential rates. Under Section 122, USMCA-qualified goods are fully exempt. If you've been sourcing from Mexico, your effective tariff rate may have just dropped.

How to Calculate Your IEEPA Refund

The refund calculation is not straightforward because IEEPA rates varied by country and product, and they interacted differently with Section 301 and Section 232 depending on what you were importing and where from.

Triangle's free IEEPA Refund Estimator does the calculation for you. Enter your HS code, origin country, annual import value, and the period you were subject to IEEPA tariffs. It returns:

• Your estimated IEEPA tariff paid over the period
• The portion attributable to fentanyl surcharges vs. reciprocal tariffs
• An estimate of what's potentially reclaimable
• The tariff stack comparison: what you paid then vs. what you'd pay under Section 122 now

No signup required. Free, takes about 60 seconds.

What to Do Right Now

If you import from China: Your tariff stack changed, but not dramatically. Section 301 rates remain. IEEPA is gone and replaced by Section 122 (10%). The net change depends on your specific HS code and whether you have active Section 301 exclusions.

If you import from Mexico and you're USMCA-qualified: Your tariff burden may have dropped materially. The USMCA exemption from Section 122 is the most significant near-term opportunity for companies already nearshoring.

If you import from non-FTA countries other than China: You went from IEEPA reciprocal rates (which varied from 10% to 46% depending on country) to Section 122 at a flat 10%. That could be a reduction or roughly the same depending on where you were.

For the precise numbers on your HS codes, run the calculation below. If you want to pull tariff data programmatically across your entire product catalog, Triangle's API can handle bulk lookups: 100 credits/month, no credit card.