U.S. imports fell 5.1% in August 2026 to $340.4 billion, a sharp decline that came after tariffs on roughly 90 countries took effect on August 7, according to data released August 11. Fish products were among the goods subject to the new duties, which included 10% to 12.5% Section 301 tariffs on most trading partners.
The import drop marked the largest monthly decline in several months as companies adjusted to the expanded tariff regime. Goods imports fell 6.6% to $264.6 billion, while services imports decreased 1.8% to $76.4 billion, according to the Commerce Department data reported by Reuters.
Fish and seafood imports have faced mounting pressure throughout 2025 and 2026 under Trump administration tariffs. The Section 301 tariffs announced in July 2026 applied duties of 10% to 17 countries and 12.5% to most others, with aquatic products among the covered categories. About 80% of seafood consumed in the U.S. is imported, making the sector particularly vulnerable to tariff increases.
The tariff implementation reflected a broader shift in U.S. trade policy. President Trump’s administration has relied on Section 301 of the Trade Act and other authorities after the U.S. Supreme Court ruled in February 2026 that his use of the International Emergency Economic Powers Act for tariffs was unconstitutional. That earlier ruling invalidated tariffs that had collected roughly $166 billion in duties.
Oregon’s seafood industry provided a window into the tariffs’ impact. The state’s exports fell 17% and businesses lost an estimated $442 million in revenue as a result of tariffs, according to a 2026 Tariff Impact Analysis report released in August. Oregon importers paid nearly $3 billion in tariffs between March and December 2025, with the state’s effective tariff rate rising from about 2% in March to roughly 15% by fall.
Broader economic impacts from the tariffs extended beyond the seafood sector. The trade deficit narrowed to $59.6 billion in August from $78.2 billion in July, as the sharp import decline outpaced a modest 0.1% gain in exports. Economists and state officials warned that tariffs were disrupting supply chains and potentially reducing economic growth, with Oregon’s chief economist Carl Riccadonna noting that Trump’s promised reshoring of supply chains and employment boosts “have not materialized in a measurable way.”
The refund process for tariffs previously ruled illegal continued in parallel. U.S. Customs and Border Protection had processed about $100 billion in refunds of the $166 billion collected under the now-invalidated IEEPA tariffs by early August, according to court filings. The Trump administration was appealing a ruling that would require automatic refunds to all importers, arguing that only companies that challenged the tariffs in court should receive them automatically.
Sources
- Undercurrent News — reported August 11, 2026 that US imports dropped 5.1% in August to $340.4 billion after tariffs on roughly 90 countries took effect August 7
- Reuters — confirmed the 5.1% import decline to $340.4 billion and the 6.6% goods import drop to $264.6 billion in August 2026
- Marketplace — reported that about 80% of seafood consumed in the U.S. is imported
- Undercurrent News — reported Oregon’s 17% export decline and $442 million in lost revenue from tariffs, citing the 2026 Tariff Impact Analysis report
- Undercurrent News — documented that US Customs and Border Protection had processed about $100 billion in IEEPA tariff refunds by August 5, 2026
