Yesterday, the Court of International Trade issued a decision to halt the collection of IEEPA tariffs. That is what you are hearing in the news today. The decision is 49 pages long, and we are not attorneys. If you want to read it, you can find it at cit.uscourts.gov by searching for case 25-66. We are not including the direct link to avoid triggering spam filters.

However, we have reviewed a number of opinions from attorneys we know and trust and can offer the following as a summary of what you might expect:

• The decision states that CBP must stop the collection of IEEPA tariffs (Reciprocal and Stem flow of Illicit drugs) from all nations within 10 days.

• The Department of Justice has filed a request to halt the implementation of the decision.

• We are actively monitoring the situation and will update you as we receive more concrete information.

• If the decision is upheld, it could potentially lead to refunds on previously paid duties. However, please do not count on that just yet. There are multiple reasons why refunds may not materialize, though it is a possibility.

• If refunds are issued, we have systems in place to monitor and process them accordingly.

• At this time, we have not received any instruction from CBP to halt collection.

We are keeping a close watch on this development and will continue to keep you informed.

May 29, 2025