On February 20, the US Supreme Court struck down the IEEPA tariffs. 

The industry’s relief was short-lived, when four days later the Trump administration rolled out section 122 tariffs – replacing the ‘reciprocal tariffs’ with a 10% tariff, which was quickly boosted to 15%.

While tariffs are still on the table, at least they’ve been reduced from the higher levels under the reciprocal tariff.

It’s also created a level playing field with all countries now facing the same tariff rates.

Analysts flag apparel as one of the biggest beneficiaries of the reset, noting that sectors “most heavily impacted by IEEPA” such as apparel, footwear, toys and furniture see the sharpest decline in tariff incidence, and naming Vietnam as ASEAN’s “biggest winner” from the new structure.