The tariff events last week concisely encapsulated the chaos and confusion that have been in play since April 2 when we heard the Liberation Day announcements. Let me briefly explain what happened in case you’re not up to speed.
Late last Wednesday evening, news broke that the U.S. Court of International Trade (USCIT) struck down Trump’s reciprocal tariffs. The reason? Basically, the International Emergency Economic Power Act (IEEPA) – the Act that the Trump Administration based their actions on – does not apply when you have over 100 countries subject to reciprocal tariffs, including islands with mostly penguins. In short, the court was saying that the Trump Administration’s actions under the IEEPA exceeded the authority of the act.
On Thursday morning, I was flooded with calls from CEOs and Presidents who wanted to know: “What does this mean for my company?” In essence my response was: “We can breathe easy for now. With the court ruling, it looks like shippers may have bought themselves a little bit of time, BUT this is not the end of the story. Use the time right now to get our Tariff Management Plan in place!”
Not so fast! Hours later, I learned that things had changed yet again! A federal appeals court stayed the USCIT decision pending the matter being adjudicated. Let’s cut to the chase. The tariff situation is a MESS! And that is why you need to clear your calendar and make sure to join us on our upcoming tariff webcast on June 10 that we will be hosting with our friends from the National Industrial Transportation (NIT) League and CSCMP.
With the appeals court staying the implementation of the USCIT’s ruling, the tariffs will continue to be in effect for the time being. But June will be a busy month as it appears that the court will be operating on an accelerated basis in rendering their ultimate decision as to whether the USCIT’s decision will stand or will be overruled. From there, you can expect to see the losing party try and take their case to the Supreme Court.
When will we know the FINAL outcome? And how does your company make decisions with so much uncertainty about tariffs? The answers to these questions may be unknown but one thing we do know is that you need to join us on this Tariff 3.0 Webcast on June 10 covering tariff ruling insights and expectations. I’ve asked the resources to focus on clearing away the fog from the “tarrifying” clouds and helping your company understand what needs to be done right now to protect your company’s balance sheet and profitability.
I am thrilled that our friends from Thompson Hine will once again be joining us, along with Nancy O’Liddy from the NIT League, Mark Baxa from CSCMP, and Lori Fellmer from Basstech International. Together they will provide insights on the current situation and share what your company could be doing to manage tariffs. Here's the full panel:
- Karyn Booth, Partner and Chair of Thompson Hine’s Transportation Group
- Dan Ujczo, Senior Counsel, Thompson Hine
- Nancy O’Liddy, Executive Director, National Industrial Transportation League
- Mark Baxa, President and CEO, Council of Supply Chain Management Professionals (CSCMP)
- Lori Fellmer, VP of Logistics and Carrier Management, Basstech International
We welcome you to share the webinar with others and we’ll send the recording to everyone that registers.
We’re also here to help with building a tariff management plan or other tariff needs in the meantime. Just get in touch. Better yet, choose a time to meet with Calendly and let's have a conversation to demystify the tariff situation.
BY MIKE REGAN, CO-FOUNDER OF TRANZACT
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