On June 2, 2026, the USTR officially proposed a massive new Section 301 tariff package targeting 60 individual trading partners, replacing the expiring 10% global IEEPA Section 122 import surcharge set to lapse in July. The framework establishes a baseline 10% tariff on 15 core trading partners aligned with recent bilateral concessions and a harsher 12.5% tariff on 45 other nations and regions including Hong Kong, explicitly targeting forced-labor enforcement and state-subsidized industrial overcapacity. Simultaneously, Section 232 duties on aluminum, copper, and steel derivatives were modified with a baseline 50% punitive tariff, with reduced preferential rates for items verifying at least 85% domestic content. The public comment window closes July 6 with hearings beginning July 7.
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