Since taking office in January 2025, President Trump has fundamentally reshaped the US tariff landscape. From the sweeping IEEPA reciprocal tariffs of April 2025 to the Supreme Court ruling that struck them down in February 2026, and the rapid Section 122 replacement signed the same day, the pace of change has been relentless. This guide provides a comprehensive, up-to-date overview of every tariff program, what's currently in effect, what was invalidated, and what importers need to know right now.
Timeline: Trump Tariffs from Inauguration to Today
January 2025: Trump takes office, immediately signals aggressive trade posture. February 2025: Executive orders direct USTR to review all trade relationships and identify 'non-reciprocal' tariff arrangements. March 2025: Section 232 investigations expanded to cover copper, semiconductors, and lumber. April 2, 2025: 'Liberation Day' — Trump signs sweeping IEEPA reciprocal tariffs on 80+ countries. Rates range from 10% baseline to 46% (Vietnam), 36% (Thailand), 32% (Taiwan), 25% (South Korea), 20% (EU), and more. April 9, 2025: 90-day pause on higher rates for most countries; 10% baseline remains. China excluded from pause. June 2025: Section 232 tariffs on steel and aluminum doubled from 25% to 50%. New Section 232 tariffs imposed: copper 50%, semiconductors 25%, lumber 10%. May 28, 2025: Court of International Trade rules the IEEPA tariffs unlawful (V.O.S. Selections v. United States). August 29, 2025: Federal Circuit, sitting en banc, affirms the CIT ruling 7-4 (mandate stayed to allow a SCOTUS appeal). February 20, 2026: Supreme Court rules 6-3 in Learning Resources v. Trump (consolidated with V.O.S. Selections) — IEEPA tariffs permanently invalidated. Same day: Trump signs 10% global tariff under Section 122 (150-day limit). March 2026: New Section 301 investigations launched against multiple countries. Section 232 steel and aluminum rates remain at 50%. July 24, 2026: Section 122 hits its 150-day limit and expires; the Section 301 forced-labor tariff replaces it — 10% for standard-tier economies, 12.5% for a 46-economy list including China, Vietnam, and Thailand.
What's Currently in Effect (July 2026)
Four separate tariff programs are active right now. First, the base reciprocal tariff — the Section 301 forced-labor tariff that replaced the expired Section 122 global tariff on July 24, 2026 — applies to imports from most countries at 10%, with a 12.5% tier for a 46-economy list that includes China, Vietnam, and Thailand. (The 10% Section 122 tariff signed February 20, 2026 took effect February 24 and hit its 150-day statutory limit on July 24, when the forced-labor tariff replaced it.) Second, the EU-US trade deal took effect July 1, 2026: most EU-origin goods pay a 15% all-inclusive ceiling that replaces the base reciprocal layer for the bloc (no MFN stacking; autos, pharma, and semiconductors capped at 15% in lieu of Section 232; steel and aluminum still 50%). Third, Section 232 tariffs apply to specific products: steel at 50%, aluminum at 50%, copper at 50%, automobiles at 25% (EU autos capped at 15%), semiconductors at 25%, and lumber at 10%. These have no expiration date. Fourth, Section 301 tariffs on China remain in effect, adding 25-100% on covered products. Most Chinese electronics and machinery face 25%, solar panels 50%, and electric vehicles 100%. These layers stack — with one important carve-out: Section 232 goods are excluded from the base reciprocal surcharge on their metal content. So a Chinese steel article faces 50% Section 232 + 25% Section 301 = 75% (not 85%), while a non-232 Chinese good like electronics faces 12.5% base + 25% Section 301 = 37.5%.
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What Was Struck Down by the Supreme Court
The Supreme Court's February 2026 ruling in V.O.S. Selections Inc. v. United States permanently invalidated all tariffs imposed under IEEPA authority. This includes: the 10% baseline reciprocal tariff that applied to nearly all countries, all country-specific higher rates (Vietnam 46%, Thailand 36%, Taiwan 32%, South Korea 25%, EU 20%, etc.), the China-specific IEEPA tariffs (10% reciprocal + 10% fentanyl surcharge), and all modifications including the US-China truce adjustments. The Court held that IEEPA grants emergency economic powers but does not authorize tariffs — a power reserved to Congress. This ruling permanently closes the IEEPA path for future tariff actions.
Current Tariff Rates by Country
Here are the effective tariff rates for major US trading partners as of July 2026. China: 12.5% base + 25-100% Section 301 = 37.5-112.5% effective rate. Canada and Mexico: 0% if USMCA-qualifying (89% of goods), otherwise 10% base reciprocal tariff — preference unchanged despite the US declining USMCA renewal on July 1. EU countries (Germany, France, Italy, Spain, Netherlands, Ireland, etc.): 15% all-inclusive under the trade deal effective July 1, 2026 — replaces the base reciprocal layer for the bloc, includes MFN, and caps autos, pharma, and semiconductors at 15%; EU steel and aluminum stay at 50%. United Kingdom: 10% base reciprocal tariff (not in the EU deal; 25% Section 232 metals under the Economic Prosperity Deal). Japan: 10% base reciprocal tariff + 25% Section 232 on autos. South Korea: 10% base reciprocal tariff flat rate. Taiwan: 10% base reciprocal tariff + 25% Section 232 on semiconductors. Vietnam: 12.5% base reciprocal tariff (down from 46% IEEPA). India: 10% base reciprocal tariff flat rate. Thailand: 12.5% base reciprocal tariff (down from 36% IEEPA). Bangladesh: 10% base reciprocal tariff (down from 37% IEEPA). Non-EU origins face Section 232 rates on steel (50%), aluminum (50%), copper (50%), autos (25%), semiconductors (25%), and lumber (10%) in addition to the above. The 10% Section 122 baseline expired July 24, 2026 and was replaced by the Section 301 forced-labor tariff — 10% for standard-tier economies and 12.5% for a 46-economy list that includes China, Vietnam, and Thailand.
Section 232 Tariffs: The Rates That Survived
Section 232 tariffs were not challenged in the SCOTUS case and remain fully in effect. These tariffs are imposed under national security authority and apply universally — no country is exempt. Steel: 50% (doubled from 25% in June 2025). Aluminum: 50% (doubled from 25% in June 2025). Copper: 50% (new, imposed March 2025). Automobiles: 25% (imposed April 2025). Semiconductors: 25% (new, imposed June 2025). Lumber: 10% (new, imposed June 2025). For products covered by Section 232, the anti-stacking rule means the base reciprocal layer does not stack on the metal content — a wholly-steel article is 50%, not 60%. Since all Section 232 rates exceed the 10% base reciprocal rate, Section 232 products effectively pay only the Section 232 rate (plus Section 301 if applicable).
Section 301 Tariffs on China: Still in Full Force
Section 301 tariffs on China were imposed under trade law authority (not IEEPA) and were not affected by the Supreme Court ruling. These tariffs target specific product categories based on HTS codes. The 25% bracket covers most electronics, machinery, chemicals, furniture, and consumer goods. The 7.5% bracket applies to some consumer products and textiles. Higher rates target strategic sectors: EV batteries at 25%, solar panels and cells at 50%, electric vehicles at 100%, and certain semiconductors at 50%. The de minimis exemption ($800 threshold) has been eliminated for Chinese imports, meaning all shipments face full tariffs regardless of value.
Key Dates to Watch in 2026
Several critical deadlines could reshape the tariff landscape. Already landed — July 1, 2026: the EU-US deal took effect (15% all-inclusive ceiling on most EU goods), and the US declined to renew USMCA at the joint review — the agreement stays in force with 0% preference unchanged, moving to annual reviews with a 2036 sunset if never extended. July 20, 2026 (landed): USTR completed the Section 301 forced-labor investigations launched March 11, setting a 12.5% forced-labor tariff on a 46-economy list that includes China, Vietnam, and Thailand; standard-tier economies stay at 10%. July 24, 2026 (landed): the Section 122 tariff hit its 150-day statutory limit and expired — the Section 301 forced-labor tariff replaced it the same day (10% standard, 12.5% for the 46-economy list). July 31, 2026 (landed): the 100% branded-pharma tariff took effect for the 17 companies named in Proclamation 11020's Annex III — the separate onshoring-agreement deadline that cuts the rate to 20% was earlier, June 12 (EU branded pharma stays capped at 15% by the deal). September 1, 2026: EU aircraft, cork, and generic pharmaceuticals go MFN-only. Also in motion: the Court of International Trade ruled the Section 122 tariff unlawful on May 7, 2026; the Federal Circuit granted a stay pending appeal on June 11, 2026, so CBP kept collecting it until the tariff expired on July 24, 2026. November 2026: US-China tariff truce expires.
Impact on Importers: What You Should Do Now
Given the current tariff landscape, importers should take several steps. First, audit your supply chain exposure using our tariff calculator to understand your effective rates by country and product. Second, evaluate sourcing alternatives — countries like Vietnam and Thailand now face 12.5% and Bangladesh 10% (down from 36-46% under IEEPA), making them much more competitive against China. Third, check USMCA qualification for any Canada/Mexico imports — the difference between 0% and 10% is significant at scale. Fourth, factor in the July 24 transition — the Section 122 tariff expired and was replaced by the permanent Section 301 forced-labor tariff (10% standard, 12.5% for the 46-economy list including China), so the base layer is now a permanent country-and-product duty rather than a temporary surcharge. Fifth, pursue IEEPA refund claims if you paid reciprocal tariffs between April 2025 and February 2026. Sixth, stay current on Section 301 actions — the forced-labor tariff is now permanent, and further investigations remain in motion.
Key Takeaway
The Trump tariff regime in 2026 is defined by three layers: the base reciprocal tariff — the Section 301 forced-labor tariff that replaced Section 122 on July 24, 2026 (10% standard, 12.5% for a 46-economy list including China) — Section 232 product tariffs (25-50%, permanent), and Section 301 China product tariffs (25-100%, permanent). The SCOTUS ruling removed the most aggressive rates, but significant tariffs remain. With the July 24 transition now complete, the base layer is a permanent duty rather than a temporary surcharge — importers should use the tools on this site to model their exposure.
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