State of US tariffs What’s in effect and what’s to come?

Research evidence excerpt

State of US tariffs What’s in effect and what’s to come?

State of US tariffs EconomicsGlobal

W ’s ff ’s ?

◆ The US’s 10% global tariff is set to expire in July 2026… Shanella Rajanayagam

Trade Economist

◆ …and the Trump administration is working to put a more HSBC Bank plc

shanella.l.rajanayagam@hsbc.com

durable tariff framework in place +44 20 3268 4118

Maitreyi Das

◆ We look at US tariffs in effect and what might come next Global Economist

HSBC Securities and Capital Markets (India) Private

Limited

Waves of tariff actions maitreyi.das@hsbc.co.in

+91 80 6737 3155

It has been more than a year since the second Trump administration began implementing

Ryan Wang

its America First Trade Policy agenda – a year that has been punctuated by waves of US Economist

new tariffs, tariff pauses, tariff removals, trade deals and new tariff regimes. And the HSBC Securities (USA) Inc.

Ryan.Wang@us.hsbc.com

rollercoaster is not over yet. With Presidents Trump and Xi meeting this week, we take a +1 212 525 3181

look at US tariffs currently in effect and what could be coming down the line. Prachi Mathur

Associate

Post-Section 122 plans Bangalore

Since February 2025, the US has introduced waves of sectoral and country-specific

tariffs – pushing its overall effective tariff rate to c11% today. US tariff rates have

been revised several times, most notably in February 2026 when the Supreme Court

struck down the Trump administration’s use of the International Emergency

Economic Powers Act (IEEPA) to impose duties on imports. The country-specific

“reciprocal” duties (initially up to 50%) were replaced by a 10% temporary tariff under

Section 122 of the Trade Act of 1974, now due to expire on 24 July 2026. With that

deadline in mind, the Trump administration has launched Section 301 trade