New U.S. Tariffs Covering 99% of Imports Take Effect July 24

On July 24, 2026, the U.S. imposed two-tier tariffs of 10 and 12.5 percent on goods from 59 countries plus the European Union under Section 301 of the Trade Act of 1974. The USTR said the targeted countries account for over 99 percent of U.S. imports. The administration cited those countries' failure to ban imports made with forced labor. Energy and many foods are exempt.