On August 15th, 1971, President Richard Nixon addressed the nation to announce decisions that would effectively change the trajectory of the US economy and by extension, the world, for the next 50 years: he suspended the use of gold as a convertible asset using the dollar, effectively decoupling the US dollar from gold, also known as the gold standard. In addition, he imposed a 10 percent surcharge on all imports, as well as froze prices and wages for the next ninety day. Nixon, during this address, was being his typical self – a deceptive, confident and as always, deliberately vague thanks to his attorney training, about the consequences of such an action. However, what followed was a cascade and the free-fall of the dollar that hasn’t stopped to this day. In addition, by decoupling the dollar from gold, he effectively broke the Bretton Woods system of fixed exchange rates, and in so many words, gave every future president the permission to be fiscally reckless and use trade tools as weapons to satisfy their shortsighted leadership gains.
Therefore, the IEEPA tariffs of 2025-2026 can be said to be a direct result of the actions of 1971, and really, a logical conclusion of the trajectory of the United States for decades. If you’re reading this, you’re probably wondering what this has to do with your IEEPA refunds, and how you can claim them in the first place. As an importer of note moving hundreds of thousands or even millions of dollars’ worth of goods into the country, you must know by now that history has an unfortunate habit of repeating itself – by knowing where we came from as a country, you can protect your corporation from the political machinations of the leadership in the future while maximizing your ability to transform tariff refunds into reusable capital – read on to find out more.
Are you looking for a best IEEPA refunds attorney? Please call us NOW at (314) 481-63338 to learn more about your legal options for justice and compensation as they relate to IEEPA refunds and the process. McCready Law is proud to announce that we have joined forces with Frost Law Arizona to help corporations and businesses that were unlawfully levied duties against during the February 2025 to February 2026 period, and thanks to the Supreme Court ruling, the government was ordered to pay back all these duties to over 300,000 affected businesses across the country. Our strategic partnership means we are able to assess your claim, consolidate your entries via an in-depth forensic audit to discover just how much the government owes you, file protective orders on your behalf, and even litigate your claim in front of the Court of International Trade should the government become recalcitrant about processing your IEEPA refunds. We offer the forensic audit at NO CHARGE as well as a 100% FREE initial consultation phone-call, and we work efficiently and ensure all your valid entries are presented as a complete dossier to CBP and relevant authorities, leaving you to focus on more pressing business matters. Need assistance with IEEPA refund rejections or processing? Call us NOW at (314) 481-63338 to speak with an experienced attorney and tax experts at no cost to you.
How The Nixon Shock Changed the U.S. Trade Landscape
Let’s take a look at what Nixon did exactly, and why this matters for your IEEPA refund:
- The import surcharge he proposed was never approved by Congress, and to make matters worse, he used the Trading with the Enemy Act of 1917, which was both dubious and nebulous and for all intents and purposes, had nothing to do with the issue at hand. However, it was nevertheless imposed, but it was lifted after four months after other countries took a look at their currencies and made necessary changes. This therefore set a dangerous precedent – a sitting U.S. president could simply impose tariffs by using emergency statutes, and even without congressional approval, it could be implemented.
- The end of the gold standard put the country in a precarious position: because the dollar was no longer backed by anything, the country and its foreign allies had to switch to full faith and credit of the U.S. government, which was a sneaky way for the Treasury to start printing obscene amounts of money and run deficits as well as borrow from foreign creditors without immediate consequences. Consequently, any tariffs that would be imposed wouldn’t create a balance of payments quagmire meaning that anything flew, and the consequences would be backed up by our and other foreign central banks.
Colloquially known as the Nixon Shock, this titular event in our history has taught us some painful lessons, some fifty odd years later: presidential tariff authority is going nowhere. While the Supreme Court struck down IEEPA, Section 301 and Section 232 still remained, and the administration is getting ready to levy more tariffs on corporations such as yours. Two, the Nixon Shock legitimized unilateral executive action on trade, and there appears to be no pivotal court rulings that have reversed this new normal.
Best IEEPA Tariff Refund Lawyers – Call Us Today!
Since this seems like it shall be the gift that keeps on giving, fighting tariffs and applying for refunds shouldn’t be the only arrow in your repertoire. This is why McCready Law, in conjunction with Frost Law Arizona have set up a tariff refund and repurposing service; we offer 100% FREE forensic audits into your IEEPA tariff entries, consolidate them and then help file your claim on your behalf, or apply for protective protests so you’re still eligible for these refunds a year from now. In addition, we provide you with timely advice and resources on how to build supply chain resilience which will effectively insulate you from future tariff shocks. Need to learn more? Call us NOW at (314) 481-63338 for your 100% FREE legal consultation into all things IEEPA tariff refunds. Thanks for choosing us, and we look forward to helping you.