The US tariff level barely moves as Section 122 lapses as two Section 301 duties take its place

Between 21 and 24 July 2026 the temporary Section 122 surcharge lapses and two Section 301 tariffs (on Brazil and on forced labour) take its place. The trade-weighted average US tariff barely moves, edging from 11.0% to 11.2%, but the architecture flips from a near-uniform surcharge to country-specific duties. Country tariffs move only modestly and in both directions; China and Brazil rise. Two-thirds of the forced-labour duty’s covered trade is carved out. Relative market access, nearly flat under Section 122, spreads again.

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