Fair Trade Act of 2026

This bill would impose additional import duties on goods from foreign countries based on the U.S. trade balance with that country. It requires a 10% duty on imports from nations where the U.S. has a trade surplus (importing more than exporting) and a 15% duty from countries with a trade deficit (exporting more than importing). These new duties would apply in addition to any existing tariffs, affecting importers and foreign exporters. The President may reduce these rates with congressional consultation, but only if deemed necessary for U.S. national interest or security.