The President's Wealth Tariff Tracker — ElitePresident.com

Tariff Tracker

11.8% Current average effective US tariff rate — April 2026

From a 2.5% pre-Trump baseline to a 27% peak on Liberation Day, to 11.8% post-Supreme Court. The most sweeping overhaul of US trade policy since 1930 — tracked.

27% Peak rate
Apr 2025 Tax Foundation

11.8% Current average
Apr 2026 Tax Foundation

$264B Duties collected
Full year 2025 TPC

$166B IEEPA tariffs
potentially refundable Post-SCOTUS

$1,500 Cost per US
household/year Tax Foundation

60+ Countries
affected USTR

⚖ Supreme Court Ruling — February 20, 2026

In Learning Resources, Inc. v. Trump, the Supreme Court ruled 6–3 that the International Emergency Economic Powers Act (IEEPA) does not authorise the President to impose tariffs — a core congressional taxing power requiring explicit statutory delegation. All IEEPA-based tariffs — including the "Liberation Day" reciprocal rates and the fentanyl tariffs on Canada, Mexico, and China — were invalidated. The Trump administration responded by invoking Section 122 of the Trade Act of 1974, imposing a flat 10% across-the-board surcharge on nearly all trading partners. That surcharge expires around July 24, 2026 unless Congress votes to extend it. Importers who paid IEEPA tariffs between April 5, 2025 and February 20, 2026 may be eligible for refunds totalling approximately $166 billion via the CBP's ACE Portal, which opened for claims on April 20, 2026.

By Country

Current Rates by Trading Partner

Rates shown are the primary applicable tariff as of May 2026. Many imports face additional stacked duties (Section 301, MFN, anti-dumping etc.) not shown here. Source: Tax Foundation, TPC, Atlantic Council, Congressional Research Service.

Country	Rate	Authority	Status	Notes	Retaliation
🇨🇳 China	35%	Sec 301 + Sec 122	Active	Combined: 10% Section 122 baseline + 25% Section 301. Peak was 145% in Apr 2025 before Geneva truce. Nov 2025 deal extended through Nov 2026.	China imposed retaliatory tariffs on US goods. Some removed under Nov 2025 deal.
🇪🇺 European Union	15%	Sec 122	Deal	Framework deal reached Aug 2025. 15% rate agreed. EU autos reduced from 27.5% to 15%. Pharma/semis capped at 15% for EU.	EU prepared €72B countermeasure list but held off following framework deal.
🇨🇦 Canada	10%	Sec 122 + USMCA	Partial	USMCA-compliant goods largely exempt. Non-compliant goods subject to 10% Section 122. Former 25% IEEPA fentanyl tariff struck down Feb 2026.	Canada imposed retaliatory tariffs on select US goods before negotiations.
🇲🇽 Mexico	10%	Sec 122 + USMCA	Partial	USMCA-compliant goods largely exempt. Similar structure to Canada. Former 25% IEEPA tariff struck down by Supreme Court Feb 2026.	Mexico threatened retaliation. Negotiations ongoing under USMCA review.
🇯🇵 Japan	15%	Sec 122	Deal	"Massive" deal announced July 2025. 15% reciprocal rate. Auto tariffs reduced to 15%. Japan is a major US trading partner.	Japan did not implement broad retaliation. Bilateral framework in place.
🇬🇧 United Kingdom	10%	Sec 122	Deal	UK secured 0% tariff on pharma/medtech exports Dec 2025 in exchange for US investment commitments. General goods subject to 10% baseline.	UK did not implement retaliatory tariffs. Framework agreement in place.
🇰🇷 South Korea	15%	Sec 122	Deal	Part of the group of bilateral deals settled at 15% alongside EU and Japan.	South Korea held off on retaliation pending deal.
🇹🇼 Taiwan	15%	Sec 122	Deal	15% rate as part of bilateral framework. Semiconductors subject to additional scrutiny under Sec 232 semiconductor investigation.	No retaliation implemented.
🇮🇳 India	18%	Sec 122	Active	Agreed rate of 18% as part of bilateral discussions. Also subject to Russian oil tariff (25%) if importing Russian energy.	India negotiating actively. Some retaliatory measures threatened but not fully implemented.
🇻🇳 Vietnam	20%	Sec 122	Deal	Deal announced July 2025. 20% tariff on Vietnamese imports. Vietnam a major alternative sourcing hub for goods previously from China.	Vietnam keen to avoid higher rates given its role as China manufacturing alternative.
🇧🇷 Brazil	50%	Sec 122	Elevated	Massive 50% tariff announced July 2025. One of the highest bilateral rates outside China. Brazil also subject to steel/aluminium Sec 232.	Brazil protested strongly. Retaliatory measures under discussion.
🇷🇺 Russia	35%	Various	Sanctions	Subject to sanctions in addition to tariffs. Countries importing Russian oil face additional 25% tariff on their US-bound goods under Aug 2025 EO.	Russia effectively excluded from normal US trade relations.
🇵🇭 Philippines	19%	Sec 122	Deal	Deal announced July 2025. 19% rate agreed. US goods face 0% in Philippines under the deal terms.	Philippines actively sought deal to protect export access.
🌍 All others	10%	Sec 122	Baseline	Global 10% baseline under Section 122 (signed Feb 2026, effective Feb 24, 2026). Expires ~July 24, 2026 unless Congress extends.	Varies by country.

By Sector

Product-Specific Tariff Rates

⚙️

Steel & Aluminium

Section 232

50%

April 2026 restructure. 50% on products entirely/almost entirely made of these metals. 25% on derivatives. 15% on metal-intensive industrial equipment through 2027.

🚗

Automobiles

Section 232

25%

Standard 25% on imported vehicles. Deal countries (EU, Japan, UK) may benefit from lower rates under bilateral frameworks. Parts tariff extended May 2025.

💊

Pharmaceuticals

Section 232

25%

25% tariff on patented pharma imports. Generic drugs, biosimilars exempt. 0% for companies signing MFN/onshoring agreements. UK secured 0% on pharma/medtech.

💻

Semiconductors

Section 232

25%

25% tariff on select advanced chips (Nvidia H200, AMD MI325X etc). Data centre, R&D and consumer chips largely exempt. Investigation ongoing.

☀️

Solar Panels

Section 301

41%

Tariffs on Chinese solar panel makers operating in Malaysia, Cambodia, Vietnam, Thailand. Rates from 41% to 3,521% (Cambodia). Extended to India, Indonesia, Laos Feb 2026.

🔩

Copper

Section 232

25%

Section 232 investigation launched March 2025. Copper included in April 2026 metals restructure.

📦

De Minimis

IEEPA / EO

10%

De minimis exemption ($800 threshold) suspended August 2025. Packages now subject to applicable tariff rates or per-package fees ($80–$200). Major impact on e-commerce.

Economic Impact

The Numbers

Figures drawn from Tax Foundation, Tax Policy Center, Yale Budget Lab, and Penn Wharton Budget Model. All paraphrased from public research. Economic models differ; figures shown represent consensus midpoints.

Average US household cost increase (2026) $1,500/year Tax Foundation / TPC estimate

Customs duties collected (full year 2025) $264 billion Up from $79B in 2024

IEEPA tariffs potentially refundable ~$166 billion Following Feb 2026 SCOTUS ruling

Average effective tariff rate — pre-Trump ~2.5% January 2025 baseline

Average effective tariff rate — peak ~27% April 2025 after Liberation Day

Average effective tariff rate — current ~11.8% April 2026 post-SCOTUS adjustment

Apparel & shoes price increase estimate +33% Yale Budget Lab / Tax Foundation

Electronics price increase estimate +10–20% Various economic models

Revenue raised FY2026–2035 (projected) $911 billion TPC projection from current active tariffs

Chronology

How We Got Here

February 1, 2025

Tariffs on Canada, Mexico, China declared

Trump invokes IEEPA, citing fentanyl emergency. 25% on Canada/Mexico (USMCA-compliant goods quickly exempted), 10% on China.

March 4, 2025

China fentanyl tariff raised to 20%

The initial 10% China fentanyl tariff doubles to 20%.

April 2, 2025

Liberation Day — reciprocal tariffs on 60+ countries

Trump imposes country-specific IEEPA tariffs (10%–145%) on most trading partners. China peaks at 145%. Global markets react sharply downward.

May 12, 2025

US-China Geneva Truce

China and US agree 90-day tariff reduction. Rates cut from 125% to 10% on each side. Other China tariffs remain. Markets rally.

July 2, 2025

Vietnam deal — 20%

US announces trade deal with Vietnam at 20% tariff rate.

July 22, 2025

Japan deal — 15%

US concludes deal with Japan including 15% reciprocal rate. Auto tariffs reduced.

July 28, 2025

Brazil hit with 50% tariff

Trump announces massive 50% tariff on Brazil. India threatened with 25%.

August 21, 2025

EU framework deal — 15%

EU and US agree framework deal at 15% rate. EU auto tariff cut from 27.5% to 15%. Pharma/semis capped at 15%.

November 1, 2025

US-China deal extended 1 year

Tariff reduction extended through November 2026. Fentanyl tariff on China reduced from 20% to 10%.

December 1, 2025

UK pharma deal — 0%

UK secures 0% tariff on pharma/medtech exports in exchange for investment commitments.

February 20, 2026

Supreme Court strikes down IEEPA tariffs

SCOTUS rules 6-3 in Learning Resources v Trump that IEEPA does not authorise tariffs. All IEEPA-based rates invalidated. ~$166B in collected tariffs potentially refundable.

February 24, 2026

10% Section 122 baseline replaces IEEPA

Trump invokes Section 122 of the Trade Act 1974 to impose a 10% across-the-board tariff. Expires ~July 24, 2026 unless Congress extends.

April 2, 2026

Steel/aluminium/copper restructured at 50%

Section 232 metals tariffs restructured. 50% on steel/aluminium/copper products. 25% on derivatives. Effective April 6, 2026.

April 20, 2026

IEEPA refund process opens

CBP opens first phase of IEEPA tariff refund process via ACE Portal. $166B+ in collected IEEPA tariffs potentially refundable to importers.

Data sources: Tax Foundation Tariff Tracker · Tax Policy Center · Atlantic Council Trump Tariff Tracker · Congressional Research Service (R48549) · Wikipedia: Tariffs in the second Trump administration · Yale Budget Lab · Trade Compliance Resource Hub (Reed Smith). All figures paraphrased from public sources. Tariff policy changes rapidly — verify with official USTR and CBP sources before making business decisions. Last editorial review: May 2026.