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- The IEEPA ruling may create tariff refund opportunities, while Section 122 tariffs remain a continuing operational cost.
- Section 232 tariffs are increasing costs in key sectors, requiring active management of sourcing, pricing and compliance.
- Potential Section 301 and EU trade actions underscore the need for proactive planning and exposure assessment.
The focus of the America First trade policy and its increasing tariffs are having a profound impact on private equity firms and their portfolio companies across a variety of industries.
Following the Supreme Court’s decision to overturn International Emergency Economic Powers Act (IEEPA) as a legal basis for tariffs, the Trump administration has not backed down from its broader trade agenda. Tariffs remain a central policy priority, with momentum shifting toward more targeted, sector-specific measures under alternative authorities. The practical implication is a reallocation from broad-based measures to concentrated actions on specific industries.
Proactive current-state assessments and continuous monitoring are essential to navigate the complexities of an evolving tariff landscape and maintain operational continuity and financial stability.
Sector matters. Timing matters. A holistic approach matters. Action matters. Your partner matters.
How are you managing a rapidly changing landscape today? Getting clear line of sight of your current state is critical for understanding the impacts of existing and potential provisions under the America First trade policy. With that foundation, you gain the confidence needed to manage risk and apply practical levers that can position you for growth.
Whether you’re thinking about risk mitigation in the short term or growth opportunities in the long term, the first step is assessing your current state so you can design practical and impactful levers for your company. They can then be deployed as needed for maximum impact in this fast-changing environment:
Tariff updates
Our team is actively monitoring key tariff developments and what they mean for private equity funds and portfolio companies. See how evolving policies can impact leaders from the head of tax to the deal team to portfolio leadership. For the most current developments or guidance specific to your portfolio, please get in touch with your EY Private Equity team.
- IEEPA
- Section 122
- Section 232
- Section 301
- EU Trade Monitoring
International Emergency Economic Powers Act (IEEPA)
The U.S. Supreme Court ruled on February 20, 2026 that IEEPA does not grant the U.S. president authority to impose tariffs initiating a process for potential refunds.
Section 122 of the Trade Act of 1974
Section 122 of the Trade Act of 1974 enables temporary US import tariffs or quotas to address balance of payments pressures.
Section 232 of the Trade Expansion Act of 1962
Section 232 of the Trade Expansion Act of 1972 was invoked on April 2, 2026, imposing up to 100% tariffs on certain imports due to national security concerns. Affected imports are pharmaceuticals and active pharmaceutical ingredients, steel, aluminum, copper and their derivative products.
Section 301 in the Trade Act of 1974
Section 301 in the Trade Act of 1974 enables the government to investigate and respond to unfair trade practices by other countries.
EU trade monitoring
Potential future tariff actions currently under active policy development.
In summary:
This page summarizes the impact of key US trade actions on heads of tax, deal executives and portfolio leadership. It covers the IEEPA ruling and potential tariff refunds, ongoing Section 122 import surcharges, Section 232 national security tariffs, potential future Section 301 tariffs and emerging EU trade developments. Each section highlights how these trade measures may affect strategic planning across private equity portfolio companies and investment teams.
How our team can help:
Designing an impactful and practical strategy for navigating the complexities of the America First trade policy starts with thoroughly understanding your current state. The EY Global Trade Analytics tool obtains five years of detailed, company-specific trade data directly from U.S. Customs and Border Protection’s Automated Commercial Environment (ACE) portal, validating that the assessment is rooted in the single most accurate source of data.
The Global Trade Analytics tool uses our proprietary trade intelligence solution, enriched through external content and global master data repository, to analyze ACE data and complete a rapid assessment to understand current state, tariff impact and operational flexibility for companies. Multidisciplinary EY teams, supported by our proprietary technology, complete scenario modeling, helping company management outline practical and powerful levers to reduce duty impact.
The EY Global Trade Analytics and Scenario Modeling rapid assessment is completed in weeks, providing management a detailed understanding of current state. These insights can help in developing a roadmap of customized, practical, impactful risk reduction levers, creating a plan of how and when to deploy your options for maximum impact in this fast-changing environment.
Meet the team
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