Understanding the New Tariffs on Global Imports
Published on by Lauren Huster in International Business, Tax Services
- New U.S. tariffs are now in effect on imports from more than 60 countries, with rates ranging from 10% to 12.5%.
- Many imported goods remain exempt from the new tariffs, including oil and gas, fertilizer, many food, technology, and medical products, aircraft, critical minerals, and goods already subject to Section 232 tariffs.
- A bipartisan Senate bill could introduce additional tariffs of up to 100% on the largest importers of Russian crude oil and natural gas if it becomes law.
- Businesses should evaluate the potential impact by reviewing supplier relationships, purchasing plans, pricing strategies, and inventory levels as trade policy continues to evolve.
Businesses have spent the last several years adapting to changing tariff policies, and another significant update arrived on July 24, 2026. The Trump administration implemented a new round of tariffs on imports from more than 60 countries, affecting the vast majority of goods entering the United States.
While many products remain exempt, the new tariffs may affect import costs for businesses that source goods internationally. Understanding which countries and products are affected can help organizations evaluate the potential impact on their operations.
What changed?
The new tariffs, ranging from 10% to 12.5%, replaced the temporary 10% global tariff that had previously been in place.
According to the administration, the tariffs are intended to encourage stronger enforcement of bans on goods produced with forced labor. They were implemented under Section 301 of the Trade Act of 1974, rather than the emergency powers used for the earlier “reciprocal” tariffs that were struck down by the U.S. Supreme Court in February 2026.
10% tariff
Countries that have adopted bans on forced labor imports but are not considered to be adequately enforcing those restrictions. This group includes Canada, India, Mexico, and the United Kingdom.
12.5% tariff
Countries that have not adopted a forced labor import ban, including China and Vietnam. The European Union, Japan, South Korea, Taiwan, and Switzerland also received rates that, when combined with existing most-favored-nation tariffs, result in effective tariff rates of either 10% or 12.5%.
Which products are exempt?
Several categories of imported goods remain exempt from the new tariffs, including:
- Oil and gas
- Fertilizer
- Many food products, including meats, nuts, seasonal fruits, and spices
- Many technology and medical products
- Aircraft and aircraft parts
- Critical minerals
- Products already subject to Section 232 national security tariffs, including automobiles, steel, aluminum, and copper
Because many essential goods remain exempt, the overall impact on consumer prices is expected to be limited. According to the Budget Lab at Yale Law School, the average U.S. import tariff rate has decreased slightly to 11.1%.
Additional update
On July 28, 2026, the U.S. Senate advanced a bipartisan bill that would authorize President Trump to impose secondary tariffs of up to 100% on the five largest importers of Russian crude oil and natural gas. China and India are expected to be among the countries most affected. While the bill hasn’t become law yet, businesses should continue monitoring its progress.
What this means for your business
The impact of these tariffs will vary depending on where your business sources products and materials. Organizations that rely on imports from countries subject to the 12.5% tariff, particularly those in industries such as apparel and textiles, may experience higher costs.
Businesses should continue monitoring trade policy, as additional tariffs could result from ongoing U.S. investigations involving several trading partners, including the European Union, China, India, Japan, South Korea, and Switzerland.
Now is a good time to review supplier relationships, purchasing plans, pricing strategies, and inventory levels to determine whether these changes could affect your costs or operations. Regularly evaluating these areas can help your business respond more effectively as trade policies continue to evolve.
If you have questions about how these tariff changes may affect your business, let’s talk. Our team of top international tax pros can help you evaluate the potential tax and business implications and understand how changing trade policies may affect your organization. Contact us today for a free consultation.
Related resources
You might also be interested in our overview of the initial impact of the Supreme Court tariff ruling, the latest Section 122 and IEEPA tariff updates, and how IRS Notice 2026-16 expanded accelerated depreciation opportunities for manufacturers.
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