The Trump administration announced tariffs on Thursday citing forced labor concerns in supply chains, with rates set at 10% or 12.5% for most trading partners and exemptions for specific sectors. The measures took effect after midnight on July 24, replacing a prior temporary 10% global tariff and covering more than 99% of U.S. imports. The UK faces a 10% rate while the EU secured an all-inclusive 10% structure with reinstated exemptions.