Treasury
3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp 3-MO 3.83% +1bp 6-MO 3.98% unch 1-YR 4.08% +4bp 2-YR 4.28% +5bp 3-YR 4.34% +4bp 5-YR 4.45% +7bp 7-YR 4.59% +7bp 10-YR 4.75% +7bp 20-YR 5.28% +6bp 30-YR 5.27% +6bp
US Treasury par yield curve · Jul 31 · Source: U.S. Treasury
Friday, July 31, 2026
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Commerce

The tariff on patented British medicines went to zero at one minute past midnight, and the notice announcing it was filed that afternoon

Money & World
The Editorial Team ·
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The tariff was gone before the notice explaining it existed.

Commerce filed a notice at 4:15 p.m. Eastern on Friday revising the tariff on patented pharmaceuticals and associated pharmaceutical ingredients that are products of the United Kingdom from 10 percent to zero. The rate change took effect at 12:01 a.m. Eastern that same day, on goods entered for consumption or withdrawn from warehouse for consumption. The notice will not appear in the Federal Register until 4 August.

What the rate rests on

Proclamation 11020, issued on 2 April, put the tariff on pharmaceuticals in place and told the Secretary to publish a notice cutting the British rate to zero to the extent any future pricing agreement between the two governments required it. The two governments announced the conclusion of that agreement, the Arrangement on Pharmaceutical Pricing, on the same day the Proclamation was signed.

The notice says the requirements of section IV.1.a of the Arrangement are currently being met. That present tense is the whole basis for the rate. It is not a scheduled reduction and it is not a phase-out, and the notice does not describe any period for which the zero rate is guaranteed.

The mechanism is one line

Heading 9903.04.63 of the Harmonized Tariff Schedule is amended by deleting "+10%" wherever it appears and inserting "+0%" instead.

That single substitution is the entire operative text. The notice sets no comment period, because it is a notice rather than a rule, and it names no other country. Commerce has not stated what volume of trade the heading covers.

The document: Bureau of Industry and Security, Office of Strategic Industries and Economic Security, Department of Commerce, Notice of Reduction of Tariffs on Patented Pharmaceuticals and Pharmaceutical Ingredients for Products of the United Kingdom Implemented by Presidential Proclamation 11020, Docket No. 260731-0181, XRIN 0694-XC159, FR document 2026-15799, filed for public inspection on 31 July 2026 at 4:15 p.m. Eastern with a publication date of 4 August 2026, signed by Jessica Curyto, Deputy Assistant Secretary for Technology Security. The complete raw public inspection text was downloaded and read in full here; no fetch-tool summary was relied on, and every figure, date, docket number and tariff heading below was matched against that text. The notice states in its summary that it revises the tariff rate on patented pharmaceuticals and associated pharmaceutical ingredients that are products of the United Kingdom from 10 percent to zero percent in accordance with Proclamation 11020. Its DATES section states that the duties set out in the notice are effective with respect to certain products entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. Eastern Time on 31 July 2026. The background section states that Proclamation 11020, Adjusting Imports of Pharmaceuticals and Pharmaceutical Ingredients Into the United States, was issued on 2 April 2026 and published at 91 FR 18183; that the Proclamation directed the Secretary to publish a notice indicating that the rate for United Kingdom products will be reduced to zero to the extent required by any future agreement between the two governments on pharmaceutical pricing; that on 2 April 2026 the two governments announced the conclusion of the Arrangement Between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland on Pharmaceutical Pricing, to which the notice links at ustr.gov; and that the requirements of section IV.1.a of that Arrangement are currently being met, therefore the rate is now zero. The modification section states that heading 9903.04.63 of the Harmonized Tariff Schedule of the United States is amended by deleting the figure plus 10 percent in each place it appears and inserting plus 0 percent in lieu thereof..

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