On February 20, 2026, the U.S. government issued an executive order ending certain tariff actions imposed under the International Emergency Economic Powers Act (IEEPA). The White House directed federal agencies to begin ending these additional ad valorem duties immediately, and CBP subsequently confirmed the operational change through CSMS #67834313, “Ending Collection of International Emergency Economic Powers Act Duties.”
What has ended
The February 20 order terminates the additional ad valorem duties imposed under a series of IEEPA-based executive orders, including measures tied to border emergency actions, the Chinese synthetic opioid supply chain, reciprocal tariff actions, and several other emergency tariff measures issued in 2025 and early 2026. In short, this is the official end of the IEEPA-based emergency tariff layer that had been added on top of ordinary tariff treatment.
What remains in effect
This does not mean that all U.S. tariffs have been removed. The White House order is explicit that it affects only the additional IEEPA duties. Other tariff regimes remain in place, including Section 232, Section 301, and other applicable duties such as AD/CVD and standard tariff treatment under the Harmonized Tariff Schedule.
What this means for Korean companies
For Korean exporters, this marks a meaningful reset. Any additional duties that were being imposed specifically under the now-terminated IEEPA tariff actions are no longer part of the baseline. However, tariff exposure has not disappeared. Duty treatment must still be evaluated under the normal framework, including MFN rates, KORUS FTA preferential treatment where the rules of origin are satisfied, and any separate trade remedy measures that may still apply.
What about Section 321 / de minimis?
This is where many companies may get confused. The end of IEEPA emergency tariffs does not restore the old duty-free de minimis environment. On the same day, the White House separately ordered that the duty-free de minimis exemption continue to be suspended for covered shipments, and stated that such shipments remain subject to applicable duties, taxes, fees, and charges. That means Section 321 is not simply “back to normal,” and Korean companies should not assume that low-value cross-border shipments have returned to the old cost structure.
In other words, this is not a story about “all U.S. tariffs ending.” It is a structural reset: the IEEPA emergency tariff layer has been removed, but the broader U.S. tariff and import-control framework remains firmly in place. For Korean companies, the key takeaway is clear: this is the right moment to reassess landed cost models, origin qualification under KORUS, and channel-specific import strategies with a more precise and disciplined approach.