Tariff News
To Our Valued Customers:
Regarding the latest SCOTUS decision:
In February 2026, the Supreme Court of the United States ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose tariffs and therefore struck down the tariffs that were imposed in 2025.
While in place, these IEEPA tariffs were applied to our products and the Company was charged significant sums, a portion of which was borne by customers in the form of an importation fee.
In anticipation of the ruling, in December 2025 Elevaris filed an action in the U.S. Court of International Trade (CIT) to maximize the possibility of recovering refunds of these tariffs.
While the tariff refund process and timing are unknown, we care continuing to press our case to receive refunds as quickly as possible. In keeping with our commitment to our customers, once Elevaris receives the applicable refund, customers will be reimbursed in full for importation fees paid in respect of IEEPA tariffs.
Regarding the newly imposed tariffs
In reaction to the Supreme Court decision, the administration immediately implemented new tariffs under Section 122 of the 1974 Trade Act at a rate of 15%. These tariffs will remain in place for the next 150 days, with the possibility of additional tariffs then replacing them on another statutory basis.
Elevaris will handle these tariffs in the same manner as the struck-down IEEPA tariffs - with some of the cost borne by Elevaris and some passed on in the form of importation fees. To the extent the Section 122 tariffs are some day reversed by the courts, we will likewise seek a refund and reimburse those importation fees upon receiving one.
We will continue to monitor this evolving situation and communicate updates to you, our customers in a timely manner.
Jason Pedaci
Vice President, Global Sales & Marketing