This Act may be cited as the Fair Trade Act of 2026.

(a) In general With respect to goods imported into the United States, for each calendar year beginning on or after the date of the enactment of this Act, there shall be imposed the following duties: (1) 10 percent ad valorem of each good imported from a country with which the United States has a trade surplus. (2) 15 percent ad valorem of each good imported from a country with which the United States has a trade deficit. (b) Relation to existing duties Each duty required under subsection (a) shall be in addition to any other duty imposed by law with respect to the good. (c) Reduction of additional duties (1) In general Subject to paragraph (2), the President may reduce the percentage requirement in subsection (a) to an amount greater than zero percent with respect to any good if the President determines that such reduction is in the national interest or national security interest of the United States. (2) Congressional consultation Prior to exercising authority under paragraph (1), the President shall consult with the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate prior to determine whether such exercise of authority is appropriate.