The Status of U.S. Tariffs

Status of U.S. Tariffs: What Occupiers Need to Know Heading Into 2026

Understanding the evolving tariff landscape has become essential for corporate occupiers planning leases, capital projects, and long-term portfolio strategy. With a rapidly shifting tariff timeline, major increases on imported materials, and unprecedented legal challenges under review by the Supreme Court, today’s decisions carry direct implications for budgets, schedules, and real estate strategy. 

Our latest report breaks down the state of U.S. tariffs, including broad duties on goods from dozens of countries and targeted measures such as steel tariffs, aluminum tariffs, copper tariffs, lumber tariffs, and new one-off product categories. With steel and aluminum duties reaching 50% as of mid-2025, occupiers across industries are feeling the downstream effects on build-outs, supply chains, and operating costs. 

How Will Tariffs Impact Construction Costs?

For occupiers planning relocations, expansions, or major workplace updates, tariffs are already driving up construction costs and extending project timelines—particularly for tenant improvements that rely on imported metals, fixtures, and specialty materials. These cost pressures create new considerations during lease negotiations, budget forecasting, and project sequencing. 

The report outlines the most significant cost drivers, potential legal outcomes that could accelerate or reverse current policies, and how reciprocal tariffs from other countries may shape the next year of pricing volatility.

What’s Inside the Report?

• A detailed 2025 tariff timeline with key milestones from February through November
• Country-by-country reciprocal tariff rates and ongoing trade negotiations
• Impacts on materials pricing, supply chain predictability, and construction budgets

Why This Matters for Occupiers

Tariffs are no longer an abstract policy debate—they are a real estate issue. They influence how quickly projects can be delivered, how much they cost, and how much flexibility tenants should negotiate into their leases. As the U.S. enters another year of tariff activity and legal appeals, understanding these forces is critical to making informed decisions.

Download the full report to learn more.