Updated July 5, 2026: EU goods now pay the trade deal's 15% all-inclusive ceiling (since July 1), the US declined USMCA renewal (0% preference unchanged), and Section 122 expires July 24 with 12.5% Section 301 proposed on 46 countries. Check today's rate for your product →
As of July 5, 2026, most US imports pay a flat 10% Section 122 tariff — plus whatever Section 232 and Section 301 surcharges apply to the specific product and origin. The big exception is new: EU-origin goods moved to the trade deal's **15% all-inclusive ceiling** on July 1, replacing Section 122 for the bloc. And the 10% baseline itself is 19 days from expiring: Section 122 sunsets July 24, with USTR's proposed replacement — 12.5% Section 301 duties on 46 countries — due by July 20. If you're pricing a container today, here's the exact rate stack, what changed on July 1, and what's almost certainly changing again before August.
The Baseline: 10% Section 122 on Almost Everything — EU Now at 15%
Most countries pay 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 sunset date is July 24, 2026. The one bloc that has left the Section 122 system: the EU. As of July 1, 2026, EU-origin goods pay the trade deal's 15% all-inclusive ceiling instead — it includes MFN rather than stacking on it (goods with MFN at or above 15% pay MFN only), covers autos at 15% in lieu of the 25% Section 232, and leaves steel and aluminum at 50%. For everyone else: if your goods enter the US today, they pay 10% Section 122 on top of whatever MFN rate applies to the HTS code — for 19 more days.
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%. Section 232 goods are carved out of the Section 122 surcharge on their metal content, but Section 301 does stack. A Chinese steel coil today pays 50% Section 232 + 25% Section 301 = 75% — Section 122 does not add on top of the metal. 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 — with the bulk of that pool refund-eligible. 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 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. The replacement is due first: USTR faces a July 20 completion deadline on the Section 301 investigations it opened March 11, and the proposal on the table is 12.5% Section 301 duties on 46 countries — including China, Vietnam, India, Thailand, Japan, and South Korea. Section 301 has no rate cap and no time limit. If the new tariffs aren't in place by July 24, imports revert to pre-IEEPA duty rates: MFN plus existing Section 232 and existing China Section 301. EU goods sit this one out — the deal's 15% ceiling took effect July 1 and doesn't expire. The other July date to watch: July 31 is the pharma onshoring deadline, with threatened 100% tariffs on branded pharmaceutical imports (EU branded pharma capped at 15% by the deal).
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 on USTR's proposed 12.5% Section 301 list for late July. Mexico/Canada: USMCA preference still 0% for qualifying goods despite the US declining renewal at the July 1 joint review — the agreement stays in force with annual reviews; non-qualifying goods pay 10% Section 122. EU: 15% all-inclusive under the trade deal since July 1 (replaces Section 122 for the bloc; MFN-or-15%, whichever is higher; autos 15%; steel/aluminum still 50%). India: 10% flat, on the proposed Section 301 list. Japan: 10%, 25% Section 232 on autos remains the biggest cost driver, and Japan is on the proposed Section 301 list. South Korea: 10% on general goods, KORUS still preserves some preferences, 25% Section 232 on autos — also on the proposed list. 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, July 5, 2026: 10% Section 122 on most countries, the EU at the trade deal's 15% all-inclusive ceiling since July 1, plus Section 232 on steel/aluminum/autos/copper/semis/lumber, plus Section 301 on China. USMCA preference survived the non-renewal announcement — keep claiming it. Section 122 expires July 24, with 12.5% Section 301 proposed on 46 countries and due by July 20. Budget rates at 10-12.5% minimum for July 25 onward for Asia-Pacific suppliers, file your CAPE refund now (Phase 2 is live), 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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