On 12 October 2026, the World Trade Organisation (WTO) reported that at a meeting on 02 October 2026 its Committee on Balance of Payments (BoP) had resumed consultations with the United States of America (US) regarding its 10% import surcharge.
Members noted that the US had terminated the measure on 24 July 2026, thereby concluding the consultations. Members then finalised the consultation report, which was adopted ad referendum on 12 October 2026. The report will now be submitted to the General Council for review.
The US earlier notified the committee that, on 20 February 2026, it was imposing a 10% ad valorem import surcharge on goods from all trading partners, subject to certain product exceptions, pursuant to Section 122 of the US Trade Act of 1974. The US cited fundamental international payment problems to justify the import surcharge. The measure was due to be terminated on 24 July 2026 unless the US Congress agreed to extend it.
After the committee was notified of the temporary import surcharge, several members requested consultations with the US. These consultations took place during a 05 May 2026 committee meeting, where members discussed the US BoP situation and the necessity, design and application of the import surcharge.
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WTO members facing BoP difficulties may apply import restrictions under the General Agreement on Tariffs and Trade (GATT) 1994 and the General Agreement on Trade in Services (GATS).
The Committee on BoP Restrictions consults with WTO members who maintain import restrictions for balance-of-payments reasons. The International Monetary Fund (IMF) participates in the consultations by providing a statement on the consulting member’s BoP situation and external reserve position.
More information is available here.