Executive summary                             

This edition of Trade Talking Points provides updates on trade policy developments, including the United States' (US) imposing Section 301 tariffs on 60 economies, the European Commission's extending the suspension of the European Union (EU) rebalancing measures against the US, and the removal of tariffs on the United Kingdom (UK) whiskey exports to the US.

Latest US trade policy announcements

US to implement export restrictions on recoverable critical minerals and materials

On 30 July 2026, President Trump signed a Presidential Determination pursuant to Section 101 of the Defense Production Act of 1950, granting the US Secretary of Commerce the authority to implement export restrictions on recoverable critical minerals and materials (CMMs).

The announcement follows the Trump Administration's identification of shortages in the domestic supply of CMMs and the reliance of US industries on imports of certain CMMs.

The determination defines recoverable CMMs as including: black mass from battery recycling; end-of-life rare-earth permanent magnets or other goods that have completed the manufacturing process; swarf; and other waste and scrap containing critical minerals and materials.

US imposes Section 301 tariffs on 60 economies

On 23 July 2026, the US Trade Representative (USTR) imposed tariffs under Section 301 of the Trade Act of 1974 on 60 economies in response to the Section 301 investigations conducted by the USTR, which ruled that the 60 economies had failed to impose and effectively enforce bans on the importation of goods produced with forced labor.

The USTR has imposed tariffs of 10% or 12.5% on 60 trading partners, subject to certain product exemptions, covering 99.4% of US imports. The Section 301 tariffs have been imposed as follows:

• The USTR will impose a 10% Section 301 tariff on: Argentina, Bangladesh, Cambodia, Canada, Ecuador, El Salvador, Guatemala, Honduras, India, Indonesia, Jordan, Malaysia, Mexico, Pakistan, Sri Lanka, Trinidad and Tobago, and the UK.
• For products of the EU or Taiwan, if a product's Most Favored Nation (MFN) rate is less than 10%, the USTR will impose a Section 301 tariff such that the sum of the MFN rate and the Section 301 tariff equals 10%, and if the product's MFN rate is greater than or equal to 10%, the USTR will impose a Section 301 tariff of 0%.
• For products of Japan, South Korea or Switzerland, if a product's MFN rate is less than 12.5%, the USTR will impose a Section 301 tariff such that the sum of the MFN rate and the Section 301 tariff equals 12.5%, and if the product's MFN rate is greater than or equal to 12.5%, the USTR will impose a Section 301 tariff of 0%.
• The USTR will impose a 12.5% tariff on all other investigated economies, including Australia, China and Saudi Arabia.

The Section 301 tariffs apply to goods entered for consumption, or withdrawn from a warehouse for consumption, on or after 12:01 a.m. Eastern Time on 24 July 2026.

See EY Global Tax Alert, USTR finalizes Section 301 forced labor tariffs on 60 economies; additional tariffs of 10% or 12.5% take effect 24 July 2026, dated 24 July 2026.

Latest EU trade policy announcements

European Commission extends suspension of EU rebalancing measures against the US

On 31 July 2026, the European Commission extended the suspension of the EU rebalancing measures on US exports to the EU.

The EU rebalancing measures were adopted on 24 July 2025 in anticipation of further US tariffs on certain EU-originating goods, and were intended to be applied if a negotiated solution could not be reached between the EU and the US. The rebalancing measures covered €93b of EU imports from the US and imposed export restrictions on €95m of EU exports to the US.

Following a political agreement reached between President von der Leyen and President Trump on 27 July 2025, the EU subsequently suspended the application of the rebalancing measures.

EU launches targeted consultation on product scope of the EU Steel Regulation

On 30 July 2026, the European Commission launched a targeted public consultation on the product scope of EU Steel Regulation 2026/1384. The consultation will focus on amending the Regulation's product scope to include the following categories:

• Tubes, pipes and hollow profiles of cast iron
• Non-alloy and other alloy wire
• Stainless wire
• Non-alloy and other alloy forged bars

The EU Steel Regulation came into effect on 1 July 2026 and aims to protect the EU steel sector from the effects of global overcapacity. The Regulation establishes duty-free tariff quotas of 18.3 million metric tonnes, with a 50% customs duty applying to imports exceeding those quotas.

The public consultation seeks to gather information and views from steel producers, steel users, traders, importers, industry associations and other stakeholders to identify additional products that may need to be addressed by EU measures.

The consultation will run from 28 July 2026 to 28 September 2026. Following the consultation, the European Commission will analyze the responses as part of the product scope assessment, which is expected to be finalized by 31 December 2026.

Latest UK trade policy announcements

UK announces removal of US tariffs on Scotch whiskey exports

On 24 July 2026, the UK Department for Business and Trade announced tariffs had been removed from UK whiskey exports to the US. The announcement follows the agreement reached during King Charles III's state visit to the US in April 2026.

The first shipment to benefit from the removal of US tariffs on UK whiskey was also the first whiskey shipment to exclusively use digital trade processes, as opposed to using paper documentation.

In 2025, UK whiskey exports were worth £5.4b, with approximately £1b being exported to the US.