From the Jewelers Vigilance Committee:
(PRESS RELEASE) The U.S. Court of International Trade (CIT) issued a decision on May 28 declaring unlawful the International Emergency Economic Powers Act (IEEPA) fentanyl tariffs which President Trump imposed on Canada (25%), Mexico (25%), and China (20%), as well as the IEEPA reciprocal tariffs (varying percentages, withdrawn to a temporary 90-day blanket 10% until July 9) imposed on all other countries. The court found that these tariffs exceeded the statutory authority granted to the President by Congress in IEEPA.
The government has filed an appeal, and it is anticipated that an appellate court will stay the judgment order pending the outcome of all appeals. As of now, all the tariffs imposed under this authority remain in effect, as well as the elimination of the $800 de minimis threshold. You must still declare all imports under the applicable tariff provisions and pay duties pending the outcome of the appeal. If the tariffs are declared invalid, there will be a pathway to claim refunds of tariffs paid, and there is no specific action you need to take right now to preserve your rights to a potential refund. However, JVC recommends you keep thorough records of imports and duties paid to ensure you can file correctly if that time comes.
The court’s decision does not affect any of the Section 301 tariffs imposed during the previous Trump administration on goods from China, which remain in effect, nor does it impact the Section 232 tariffs imposed on other industries including steel and aluminum.
In short: no, the IEEPA tariffs are not canceled, but yes, this is a positive step towards declaring them invalid.
Many thanks to JVC’s Law Firm Finder partner GDLSK, LLP, which provided helpful context for this member alert. You can read their thorough client alert on the topic here: https://www.gdlsk.com/court-finds-fentanyl-and-reciprocal-tariffs-unlawful/.
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JVC will continue to monitor the situation and update our Tariff Tracker as and when tariffs change.
Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson
When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren.
For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish.
"Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful."
The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing."
Smith's recommendation is emphatic: "I would never be able to do what they did by myself."
