A 10% blanket tariff expires July 24 unless lawmakers act, while steel, aluminum, and other key sectors stay locked under permanent duties. The trade landscape hinges on Congressional action.

The July 24 Expiration

The Section 122 global tariff—a broad 10% duty applied across imports—is set to expire July 24, 2026. Congress must decide whether to extend it, let it lapse, or renegotiate its terms. No extension has been announced yet. Markets are watching closely because any tariff removal could shift prices on everything from consumer goods to raw materials.

What's Staying Put

Section 232 tariffs on steel, aluminum, copper, autos, and semiconductors remain fully in effect and are not expiring. Steel and aluminum are hit with 50% duties each. Copper also faces 50%. Autos and semiconductors carry 25% tariffs. These tariffs remain in place unless Congress or the administration actively reverses them.

The Global Picture

Trade deals create different outcomes by region. The EU trade deal effective July 1 caps goods at a 15% all-in ceiling, providing relief to European exporters. China faces additional tariffs ranging from 25% to 100% under Section 301, depending on the product. Investors should track Congress's calendar: July 24 is when immediate action becomes necessary.