Tariff uncertainty: Business and financial reporting impacts

The US tariff landscape shifted again following the Supreme Court’s decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). In this episode, we discuss what the ruling means for importers, including potential refunds, accounting and financial reporting considerations, compliance challenges, and the continued use of other tariff authorities. 

In this episode, we discuss:

• 1:29 The current tariff landscape and the Supreme Court’s IEEPA ruling
• 6:57 Practical steps companies can take now
• 8:56 Accounting for potential tariff refunds
• 13:11 Operational, administrative, and compliance challenges
• 17:42 Downstream accounting impacts for customers and suppliers
• 20:50 New Section 122 tariffs and other tariff authorities still in effect
• 25:27 Tariff mitigation strategies, including drawback and supply chain planning

For more, read our In depth, Accounting implications of tariffs. 

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About our guest

Sharon Martin is a principal with PwC’s Customs and International Trade practice with extensive experience advising clients on both trade compliance and strategic planning related projects. Sharon has worked with clients in a variety of industries providing strategic advice on customs advisory, risk mitigation, and duty planning.

About our guest host

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

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