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Ambassador R.G.S.P.K. Wijesekara of Sri Lanka, the Chair of the Committee, facilitated the consultations. 

The Chair noted that the United States 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 United States and to explore possible avenues for further progress in the dialogue between the United States and members. 

In line with WTO rules, the IMF was invited to present its perspective on the US balance-of-payments situation, based on the IMF Executive Board’s assessment at the conclusion of the 2026 Article IV Consultation with the United States. The WTO Secretariat also provided a background document on the matter. 

The United States made a comprehensive statement on the measures put in place. Members thanked the United States for its transparency and the detailed information shared to facilitate the consultation. Some members raised questions regarding the severity of the country’s balance-of-payments situation, the relationship between the methodology used for the assessment 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 United States to assess the impact of such measures on global trade and to consider their removal. Taking the floor once more, the United States responded to the questions raised, including those received in advance of the meeting. 

The Chair thanked the United States and members for the engaging discussion and noted that more time is needed to assess whether further consultations are required. He added that the Committee will report to the General Council on these consultations in accordance with paragraph 13 of the Understanding on the Balance-of-Payments Provisions of the GATT 1994.

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WTO members facing balance-of-payment difficulty may apply import restrictions under provisions in the GATT 1994 and under the General Agreement on Trade in Services (GATS).

The Committee on Balance-of-Payments 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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