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United States · Business news · Policy & Regulation · 23 Jul 2026

US replaces its expiring 10% global tariff with forced-labour duties of 10% and 12.5% on 60 trading partners

US Consumer Discretionary Industrials Consumer Staples Information Technology

What happened

Senior officials said tariffs of 10% and 12.5% on 60 trading partners, including the EU, would take effect at 12:01 a.m. EDT on July 24 under Section 301, the same moment a temporary 10% Section 122 tariff expired. That levy had replaced the 'reciprocal' duties the Supreme Court struck down in February. Oil and gas, fertiliser, certain foods and goods already under Section 232 tariffs, such as autos, steel, aluminium and copper, are exempt; goods in transit have until July 28.

Why it matters for listed companies

The new duties apply to imports from 60 trading partners, including the EU, so retailers, apparel and footwear brands, consumer-electronics sellers and manufacturers that rely on imported parts keep paying a broad tariff instead of getting relief when the temporary levy lapsed. The duties rest on Section 301 of the Trade Act rather than the emergency-powers law the Supreme Court rejected, a different legal basis that affects how companies plan pricing and supply chains.

Reported by Reuters (via GV Wire) — “Trump to impose forced-labor duties on Friday as temporary 10% US tariffs expire” ↗ on 23 Jul 2026.

Rates and currencies since this was reported

Official series on 23 Jul 2026 or the last day before it, and the latest observation.

US Treasury 2-year yield
4.37% → 4.77% +40 bp
23 Jul 2026 → 15 Oct 2026 · US Treasury
US Treasury 10-year yield
4.71% → 5.10% +39 bp
23 Jul 2026 → 15 Oct 2026 · US Treasury
Effective fed funds rate
3.63% → 3.88% +25 bp
23 Jul 2026 → 15 Oct 2026 · Federal Reserve Bank of New York
Euro in US dollars
1.1392 → 1.1253 -0.0139
23 Jul 2026 → 16 Oct 2026 · ECB reference rate
These figures are measured, not attributed. Prices and rates move for many reasons at once; they show what happened after this story, not that the story caused it. Nothing here is a recommendation to buy, sell or hold.

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