**The US effective tariff rate for Q2 2026 (April–June) was shaped primarily by the 10% Section 122 global surcharge imposed after the Supreme Court invalidated broader IEEPA tariffs in February 2026, layered on top of existing Section 232 duties on steel, aluminum, copper, and derivatives.** This temporary measure, effective from late February through its scheduled July 24 expiration, produced reported quarterly averages around 7–7.5% in available estimates, down from higher 2025 peaks but well above the pre-2025 baseline near 2%. Section 232 expansions, including 50% rates on many metal products and adjustments to derivative coverage, remained key contributors alongside any lingering or modified Section 301 actions. Import shifts, exemptions, and collection timing influenced the customs-duties-to-import-value ratio used for the effective rate. As Q2 data finalizes, attention centers on official releases from customs and trade statistics, with the immediate post-quarter transition to new 10–12.5% Section 301 duties on dozens of partners (effective July 24) and additional targeted measures, such as 50% tariffs on select Canadian goods, setting the stage for later quarters. These policy mechanics and legal timelines define the range of outcomes traders assess for the Q2 resolution.