2026 has been the most consequential year for US trade policy in decades. From the Supreme Court's landmark ruling striking down IEEPA tariffs to the rapid Section 122 replacement, new Section 301 investigations, and the Iran-Hormuz crisis and reopening, the tariff landscape has shifted dramatically. This page tracks every major development, organized chronologically. Bookmark this page — we update it as news breaks.
April 2026
April 17: Iran reopens Strait of Hormuz. Commercial shipping traffic begins resuming through the strait; Brent crude drops from peak of $118/bbl to approximately $83/bbl. Shipping rates and war risk premiums expected to ease over coming weeks. April 15: US CENTCOM declares Hormuz blockade 'fully implemented.' April 12: Trump announces US naval blockade of Strait of Hormuz after Islamabad peace talks between VP Vance and Iranian officials fail to reach agreement. US Navy ordered to prevent all ships from entering or leaving the strait. Brent crude at $118/bbl (peak), diesel at $5.40/gal. Shipping rates spiking as vessels reroute around Cape of Good Hope, adding 10-15 days to transit times. April 11: Section 122 tariff remains at 10% with no changes announced. Congressional debates on tariff extension continue, with no clear consensus on whether to extend, modify, or let the Section 122 tariff expire in July. April 7: Trump announces two-week ceasefire with Iran, conditional on opening Strait of Hormuz. Ceasefire begins but strait remains effectively closed. Iran continues charging tolls of up to $2 million per vessel transit. USTR announces preliminary findings in Section 301 investigation of Vietnamese currency practices, but stops short of recommending tariffs. April 3: European Commission proposes counter-offer in US-EU tariff negotiations — willing to reduce EU auto tariffs from 10% to 5% in exchange for US reducing Section 122 rate on EU goods. No formal agreement reached. April 1: New quarterly tariff revenue figures released — Q1 2026 collections of $29.4 billion, on pace for approximately $118 billion in annual tariff revenue. Iraq, Saudi Arabia, Kuwait, UAE, Qatar, and Bahrain collectively shut in an estimated 7.5 million barrels/day of oil production due to Hormuz disruption, rising to an estimated 9.1 million b/d.
March 2026
March 20: Steel and aluminum importers report a 15% drop in imports since Section 232 rates doubled to 50%. Domestic steel prices have risen 22% year-over-year. The American Iron and Steel Institute reports domestic production up 8%. March 18: Attack damages Qatar's Ras Laffan LNG facility, taking offline approximately 17% of Qatar's natural gas export capacity. Global LNG prices surge. March 11: IEA member countries agree to release 400 million barrels from emergency petroleum reserves to stabilize oil markets amid the Hormuz disruption. USTR launches new Section 301 investigations targeting China, Vietnam, Indonesia, and Thailand on currency manipulation, labor practices, and environmental standards. March 5: Coalition of 24 state attorneys general files lawsuit in the Court of International Trade challenging Section 122 tariffs. March 1: UK-US bilateral trade deal negotiations enter second round in Washington. Key issues: agricultural standards, pharmaceutical pricing, financial services access, and tariff reductions.
February 2026
February 28: US and Israel launch joint strikes on Iranian military targets. Iran responds by effectively closing the Strait of Hormuz to commercial shipping, beginning to charge tolls to select vessels (some paying $2 million per transit). Oil prices begin rapid ascent from $61/bbl toward $118/bbl. The strait normally handles approximately 20% of the world's seaborne oil trade (~20 million barrels/day). February 24: Section 122 tariff takes effect globally. 10% flat rate replaces the variable IEEPA rates. CBP issues guidance on implementation — importers with goods in transit receive a 5-day grace period. February 20: SUPREME COURT RULING — V.O.S. Selections Inc. v. United States. SCOTUS rules 6-3 that IEEPA does not authorize tariffs. All IEEPA reciprocal tariffs permanently invalidated. Within hours, President Trump signs 10% global tariff under Section 122 of the Trade Act of 1974, effective February 24. Section 122 has a 150-day time limit (expires approximately July 24). February 15: Federal Circuit denies government petition for en banc rehearing on IEEPA tariffs, clearing the path for Supreme Court review. February 10: UK Prime Minister visits Washington; joint statement announces intent to pursue bilateral trade deal. February 1: US-India interim trade agreement takes effect.
January 2026
January 28: Supreme Court agrees to hear V.O.S. Selections Inc. v. United States on expedited schedule. Oral arguments set for February 12. The case challenges IEEPA tariffs on constitutional grounds. January 15: USTR releases annual trade agenda prioritizing: defending existing tariffs in court, launching new Section 301 investigations, negotiating bilateral deals with UK and Japan, and developing 'permanent tariff framework' to replace IEEPA if struck down. January 10: China tariff truce extended through June 2026 — reciprocal tariffs on Chinese goods remain at reduced levels while negotiations continue. Section 301 tariffs unchanged. January 5: New year sees no changes to tariff rates. IEEPA reciprocal tariffs remain in effect pending Supreme Court review. Section 232 tariffs on steel (50%), aluminum (50%), copper (50%), autos (25%), semiconductors (25%), and lumber (10%) all continue unchanged.
Key Developments from Late 2025
December 2025: Federal Circuit Court of Appeals upholds CIT ruling that IEEPA tariffs are unconstitutional. Government announces intent to appeal to Supreme Court. November 2025: Court of International Trade (CIT) rules in V.O.S. Selections Inc. v. United States that IEEPA reciprocal tariffs exceed presidential authority. Tariffs remain in effect pending appeal. October 2025: US-China 90-day tariff truce announced — reciprocal tariffs reduced while negotiations continue. Section 301 tariffs unchanged. August 2025: IEEPA reciprocal tariff rates adjusted for several countries following bilateral negotiations. India rate reduced from 26% to 22%. June 2025: Section 232 tariffs on steel and aluminum doubled from 25% to 50%. New Section 232 tariffs imposed on copper (50%), semiconductors (25%), and lumber (10%).
What to Watch: Upcoming Deadlines
July 1, 2026: USMCA joint review begins — first formal review of the US-Mexico-Canada trade agreement. Could modify rules of origin, digital trade, and agricultural provisions. July 20, 2026: Deadline for USTR to complete Section 301 investigations launched March 11. New tariffs on Vietnam, Indonesia, Thailand, and additional China tariffs could result. July 24, 2026 (approximately): Section 122 tariff expires. This is the most critical date — if Congress doesn't act, the 10% global tariff disappears. Congress is divided: some members want to extend, others want higher permanent rates, and others want to let tariffs lapse. Fall 2026: Expected ruling in the 24-state attorney general challenge to Section 122 in the Court of International Trade. November 2026: US-China tariff truce expires. If not renewed, tariff rates could increase significantly.
How These Changes Affect Your Imports
The rapid pace of tariff changes in 2026 creates both risk and opportunity for importers. The shift from variable IEEPA rates (10-46%) to a flat 10% Section 122 rate is a net positive for most countries, especially those that faced higher IEEPA rates like Vietnam (46%), Thailand (36%), and Taiwan (32%). However, the temporary nature of Section 122 means rates could change dramatically after July 24. Importers should model three scenarios: rates drop to 0% (Section 122 expires without replacement), rates stay at 10% (Congress extends), or rates increase (Congress passes higher permanent tariffs). Use our scenario simulator to model the cost impact of each outcome on your specific supply chain. For the latest rates by country, check our tariff rates page, and use the tariff calculator for instant duty estimates.
Key Takeaway
2026 is a pivotal year for US trade policy. The SCOTUS ruling, Section 122 replacement, and pending Congressional action mean tariff rates could change significantly by summer. Bookmark this page for the latest updates, and use our calculator and country pages to stay on top of rates that affect your imports.
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