As of April 24, 2026, every US import pays a flat 10% Section 122 tariff — plus whatever Section 232 and Section 301 surcharges apply to the specific product and origin. That's the simple answer. The complicated answer is that this arrangement is 64 days old, 91 days from expiring, and the largest tariff refund in US history is currently being processed through a CBP portal that opened four days ago. If you're pricing a container today, here's the exact rate stack, what's changed since February, and what's almost certainly changing again before August.
The Baseline: 10% Section 122 on Everything
Every country pays 10% right now. Trump signed Section 122 on February 20, 2026 — the same day the Supreme Court struck down IEEPA in V.O.S. Selections Inc. v. United States — and it took effect February 24. Section 122 of the Trade Act of 1974 caps emergency tariffs at 15% and time-limits them to 150 days. The current rate is 10% across the board, replacing the IEEPA reciprocal rates that ran from 10% (baseline) to 46% (Vietnam). No country-specific exemptions, no FTA preference carve-outs on the Section 122 layer itself. If your goods enter the US today, they pay 10% Section 122 on top of whatever MFN rate applies to the HTS code. The sunset date is approximately July 24, 2026.
Section 232: Steel, Aluminum, Autos, Copper, Semiconductors, Lumber
Section 232 tariffs are imposed under national security authority and were not touched by the SCOTUS ruling. Steel pays 50% (doubled from 25% in June 2025). Aluminum pays 50%. Autos pay 25% on finished vehicles and parts. Copper pays 50%. Semiconductors pay 25%. Lumber pays 10%. These stack on top of Section 122 and on top of any Section 301 surcharge. A Chinese steel coil today pays 10% Section 122 + 50% Section 232 + 25% MFN — before Section 301 even enters the conversation. Section 232 is the durable tariff layer; it's been in place since 2018 in various forms and isn't going anywhere.
Section 301: Still Live on China
Section 301 tariffs on Chinese goods remain in full force and stack on top of Section 122. Most electronics, machinery, and consumer goods face 25%. Apparel and some textiles face 7.5%. Electric vehicles from China pay 100% Section 301. Solar panels pay 50%. Semiconductors from China pay 50%. Lithium-ion batteries for EVs pay 25%. The effective rate on most Chinese imports today is 35% (10% Section 122 + 25% Section 301). On EVs: 110%. On solar cells: 60%. Section 301 is the second durable tariff layer and — per USTR announcements on March 11 — is being expanded to 15 additional economies through new investigations.
Worked Example: $25,000 Container of Consumer Electronics from China
A $25,000 CIF container of consumer electronics under HTS 8517.13.00 (smartphones) or 8471.30.01 (laptops). Section 122 at 10% = $2,500. Section 301 at 25% = $6,250. MFN is 0% on most finished electronics under these HTS codes. MPF at 0.3464% = $86.60 (capped at $634.62). HMF at 0.125% = $31.25. Total duty = $8,867.85. Effective rate: 35.5%. Under the old IEEPA regime the same container paid 20% IEEPA + 25% Section 301 = 45.5% effective — so the SCOTUS ruling cut this importer's duty by about $2,500 per container. The 35% rate is what to budget today. If Section 122 expires without replacement on July 24, this container drops to $6,367 (Section 301 alone). If Section 301 is expanded before then, it goes up.
IEEPA Refunds: CAPE Portal Live Since April 20
CBP opened the CAPE refund portal on April 20, 2026, four days ago. About $166 billion in IEEPA duties were collected between April 2025 and February 2026 — 330,000+ importers, 53 million shipments — and roughly $127 billion qualifies for Phase 1 refunds. Statutory interest runs 7% for individual importers and 6% for corporations under 19 CFR 24.36, compounded daily from the original collection date. Phase 1 covers unliquidated entries and entries within 80 days of liquidation. The filing workflow: register in ACE, enroll in ACH for electronic refunds, upload a CAPE Declaration CSV listing the entry numbers. Funds issue via ACH 60-90 days after declaration acceptance. Launch week has been messy — duplicate-tax-ID errors, portal congestion — but filings are moving. See our step-by-step refund guide for mechanics.
The July 24 Cliff
Section 122's 150-day clock expires around July 24, 2026. The President cannot extend it unilaterally. Congress has not passed extension legislation, and the bipartisan appetite is ambiguous — some members are pushing the Reclaim Trade Powers Act to constrain presidential tariff authority rather than extend it. Meanwhile, USTR opened Section 301 investigations on March 11 targeting excess manufacturing capacity in 16 economies (China, EU, Mexico, Japan, India, Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, South Korea, Vietnam, Taiwan, Bangladesh). Public comment closed April 15. Section 301 has no rate cap and no time limit. The realistic July 25 scenario: Section 122 lapses, new Section 301 country-specific rates land, and importers previously paying 10% flat see country-differentiated rates above 10% — likely 20-40%+ for Vietnam, Thailand, Cambodia, Bangladesh.
Country-by-Country Snapshot
China: 10% Section 122 + 25% Section 301 = 35% on most products, higher on EVs/solar/semis. Vietnam: 10% flat (was 46% under IEEPA) — biggest relief of any major trading partner, but likely reversing under Section 301. Mexico/Canada: 10% Section 122, USMCA preference still zero for qualifying goods. EU: 10% flat (was 20% IEEPA), Section 232 still hits European steel and autos. India: 10% flat (was 18% after the interim deal; was 26% before). Japan: 10%, 25% Section 232 on autos remains the biggest cost driver. South Korea: 10% on general goods, KORUS still preserves some preferences, 25% Section 232 on autos. Taiwan: 10% + 25% Section 232 on semiconductors = 35% on chips. For complete rate tables by country, see the tariff rates page.
What to Do This Week
Three moves if you import today. First: if you paid IEEPA between April 2025 and February 2026, pull every Form 7501 and start a CAPE filing now. Broker queues are backing up; the importers who filed in week one are already 2-4 weeks ahead on the validation clock. Second: any contract signing this week with delivery past August 1 needs a duty adjustment clause — the 10% Section 122 rate is the floor, not the ceiling. Third: for products covered by the 16-country Section 301 investigation, model your landed cost at 20%, 30%, and 40% scenarios and decide now which delivery dates you'd accelerate to beat the August rate reset. Use the landed cost calculator to run those numbers before you commit orders.
Key Takeaway
Tariffs today, April 24, 2026: 10% Section 122 on everyone, plus Section 232 on steel/aluminum/autos/copper/semis/lumber, plus Section 301 on China. IEEPA is dead and CAPE refunds are flowing. Section 122 expires July 24, and Section 301 is being expanded to 16 more economies on an accelerated USTR timeline. Budget rates at 10% minimum for July 25 onward — higher for most Asia-Pacific suppliers. File your CAPE refund this week, build duty clauses into new contracts, and don't assume today's 35% effective rate on Chinese goods is the 2026 ceiling.
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