The Fair Trade Act of 2026 would impose additional tariffs (import taxes) on goods entering the United States, starting immediately after the law takes effect. The bill creates a two-tiered system: a 10 percent tariff on imports from countries where the U.S. has a trade surplus (sells more goods than it buys), and a 15 percent tariff on imports from countries where the U.S. has a trade deficit (buys more goods than it sells). These tariffs would apply on top of any existing duties already in place. The President retains the power to lower these tariff rates if deemed necessary for national interest or national security, but must consult with the House Ways and Means Committee and Senate Finance Committee before doing so. The legislation has no specific funding authorization or sunset date—it would remain in effect indefinitely unless repealed or modified.
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