MEMO: Termination of IEEPA Tariffs
Memo from Pegasus Shipping Inc. CHB:
Dear Clients,
The IEEPA tariffs will conclude on February 24, 2026, and new Section 122 Duties will be implemented in its place. U.S. Customs and Border Protection (CBP) has issued an update regarding the implementation of these Section 122 Duties (currently at 10%), which take effect at 12:01 a.m. EST on February 24, 2026 through 12:01 a.m. eastern daylight time on July 24, 2026.
Please note that existing tariff exclusions for items listed under Annex II remain applicable under the new Section 122 framework. Regarding the previous IEEPA tariffs, CBP has not yet provided guidance or confirmation on the processing of potential refunds. We are monitoring the situation closely and will provide further updates as official information becomes available.
US CBP CSMS Message regarding Section 122 duties:
https://content.govdelivery.com/bulletins/gd/USDHS...
US CBP CSMS Message regarding ending the IEEPA Tariffs:
https://content.govdelivery.com/bulletins/gd/USDHS..
Link from White House Executive order for the Annex I and II below:
https://www.whitehouse.gov/wp-content/uploads/2026...
https://www.whitehouse.gov/wp-content/uploads/2026...
-Pegasus Shipping