What did the US Supreme Court decide, and why does it matter to Australia?

The Court struck down Trump’s IEEPA-based global tariffs, clearing the way for refund claims on affected imports. Globally, repayments could exceed US$100 billion. EY estimates more than A$1.4 billion may return to Australian firms. That is a cash and balance sheet boost, even as new tariff risks emerge.

How can an Australian exporter start a tariff refund claim?

Work with the US importer of record, customs brokers, and trade counsel to identify eligible entries that paid IEEPA-based duties. Gather entry summaries, invoices, SKUs, and payment proofs. Decide contractually who files and how refunds are shared. Track US agency guidance for the exact filing mechanics and timing.

Will the proposed 10% global tariff apply to Australia?

Yes, Australia is not in USMCA, so the proposed 10% global tariff could apply if implemented for up to 150 days. Canada and Mexico would be exempt under USMCA. Timing, scope, and durability remain uncertain and could face legal or administrative challenges before taking effect.

What are the key watchpoints for ASX investors now?

Watch for US Customs guidance on refunds, any White House directives on the 10% tariff, and company disclosures on refund recognition. Track AUD–USD moves that affect translated earnings. Reassess pricing power, pass-through clauses, and exposure to US demand in case the temporary tariff proceeds.

Law and Government

February 21: Court Nixes Trump Tariffs; Aussie Exporters Eye Refunds

ByDanny Kontos February 21, 2026February 21, 2026

Australia’s exporters just got a major legal jolt: the trump tariffs supreme court r decision has voided IEEPA-based duties and opened a large refund pipeline. Global importer refunds could top US$100 billion, and EY estimates A$1.4 billion may return to Australian companies. Yet risk is not gone. Trump has proposed a separate 10% global tariff for up to 150 days, with USMCA exemptions. We lay out what changed, what could come next, and how investors can position now.