Host: Cindy Allen
Show: Simply Trade – Cindy’s Version
Published: March 27, 2026
Length: ~13 minutes
Presented by: Global Training Center

Evermore: Section 122, Steel/Aluminum Valuation, DHS Funding, and the Never‑Ending IEEPA Refund Saga

Cindy Allen returns with another Taylor Swift–themed trade update, this time using “Evermore” to capture how the trade community feels about the seemingly endless cycle of new tariffs, court decisions, and refund processes. She covers leadership changes at DHS, shifting timelines for key CBP events, fresh confusion around steel and aluminum valuation, Section 122 and 301/232 moves aimed at replacing IEEPA revenue, and why she thinks the trade world needs to hit “pause” on IEEPA expectations until CBP’s CAPE process is truly defined.

What You’ll Learn in This Episode

DHS & CBP updates
- New DHS Secretary Markwayne Mullin, a Trump‑aligned former U.S. Representative from Oklahoma, is sworn in; early signals focus on immigration, with little yet on customs.
- CBP’s Trade and Cargo Summit in Dallas is postponed from next month to September due to funding issues; existing registrations will be transferred, with updated instructions to come via CSMS/announcements.
USMCA and steel/aluminum valuation
- USMCA: U.S. and Mexico are in talks to extend/renew the agreement using three‑year review periods with annual extensions—essentially letting it “limp along” another 4–10 years, but at least keeping parties at the table.
- Steel/aluminum/copper components: CBP has issued new but confusing and partly contradictory guidance on valuation; with court challenges pending and no comprehensive methodology, Cindy urges importers to consult counsel and test whether their approach is defensible under reasonable care standards.
Section 122, 301, and 232 moves
- The White House again signals raising Section 122 tariffs from 10% to 15%, but provides no timing; the statutory 150‑day clock keeps running, raising questions about whether they’ll increase within that window or let it lapse and start a new 122 action.
- Legal uncertainty: Can the administration lawfully let one 122 action expire and immediately launch another at 15%? With no case law on this rarely used tool, Cindy expects eventual court challenges.
- New or adjusted Section 301 and potential 232 cases are clearly framed as ways to replace lost IEEPA revenue after the Supreme Court ruling; the administration also hints that announced rates may change after investigations and hearings.
Forced labor and 301 justification questions
- One proposed 301 angle targets countries that “don’t fully enforce forced labor protections,” but Cindy questions how foreign import enforcement links to unfair trade practices harming U.S. commerce, given the U.S. already has its own forced labor import rules.
- She flags this as another area ripe for challenge if 301 gets stretched to cover other countries’ internal enforcement of their own import regimes.
DHS budget standoff and FMC decision
- As of 1 p.m. CT on March 27: No DHS funding bill fully passed; the Senate approved a measure apparently including DHS funding but maybe not CBP/ICE, and then recessed until mid‑April. The House and the President’s final positions remain uncertain.
- Strait of Hormuz: Limited, negotiated safe‑passage traffic continues for some countries, but full reopening hasn’t happened; oil over $100/barrel is impacting carriers and downstream users.
- FMC: Denies some carriers’ requests for immediate rate hikes tied to Hormuz‑related fuel costs, holding them to the 30‑day notice requirement since the filings didn’t meet the criteria for accelerated increases.

Evermore & IEEPA Refunds: Why Cindy Says “Pause”

Using “Evermore,” Cindy captures the community’s sense that the “pain” of constant change might last forever—but the song’s ending points to eventual relief. She applies that to IEEPA refunds and the developing CAPE process:

What we know (high level)
- CBP is building a CAPE‑based, automated, bulk refund system.
- Refunds will go to the importer of record or the broker, and complexity may factor into prioritization, as suggested in CBP Executive Director Brandon Lord’s declaration.
What we don’t know (the bigger list)

[Cindy's Version] Living Through Section 122, Steel Valuation Confusion, and the IEEPA Refund Wait, Forevermore