The World Trade Organisation (WTO) Committee on Balance of Payments Restrictions (BOP) held consultations on 22 June 2026 to discuss a 10% import surcharge adopted by the United States of America (US) to address its BOP deficit. WTO members heard a statement from the United States. They also considered a statement of the International Monetary Fund (IMF) on the US BOP situation and a background note prepared by the WTO Secretariat. The US responded to members’ questions and indicated that the temporary measure was expected to expire on 24 July 2026.
The resource is accessible at:
https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=Q:/WT/BOP/N85-01.pdf&Open=True
The Committee Chair facilitated the consultations.
The chair noted that the US had notified the WTO of a temporary 10% import surcharge under Article XII of the General Agreement on Tariffs and Trade (GATT). The measure took effect on 24 February 2026 and will expire on 24 July 2026, unless extended by an act of Congress. He said that the objective of the meeting was to enable a full exchange of views to better understand the challenges facing the US and to explore possible avenues for further progress in the dialogue between the US and its members.
In line with WTO rules, the IMF was invited to present its perspective on the US BoP situation, based on the IMF executive board’s assessment at the conclusion of the 2026 Article IV Consultation with the US. The WTO Secretariat also provided a background document on the matter.
The resource is accessible at:
https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=Q:/WT/BOP/S19.pdf&Open=True
The US made a comprehensive statement on the measures put in place. Members thanked the US for its transparency and the detailed information shared to facilitate the consultation. Some members raised questions regarding the severity of the country’s BoP situation, the relationship between the assessment methodology and the scope of Article XII, the necessity of imposing the temporary surcharge, and the exemptions granted to certain countries and products. Several members also urged the US to assess the impact of such measures on global trade and to consider their removal. Taking the floor once more, the US responded to the questions raised, including those received in advance of the meeting.
The chair thanked the US and members for the engaging discussion. It noted that more time was needed to assess whether further consultations were required. He added that the committee would report to the general council on these consultations in accordance with paragraph 13 of the understanding on the BoP provisions of the GATT 1994.
More information
WTO members facing balance-of-payment difficulties may apply import restrictions under provisions in the GATT 1994 and under 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 IMF is invited to participate in BOP committee meetings.
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