Treasury
3-MO 3.86% -1bp 6-MO 3.95% -1bp 1-YR 4.01% -3bp 2-YR 4.17% -7bp 3-YR 4.25% -6bp 5-YR 4.35% -6bp 7-YR 4.48% -7bp 10-YR 4.64% -6bp 20-YR 5.16% -5bp 30-YR 5.17% -6bp 3-MO 3.86% -1bp 6-MO 3.95% -1bp 1-YR 4.01% -3bp 2-YR 4.17% -7bp 3-YR 4.25% -6bp 5-YR 4.35% -6bp 7-YR 4.48% -7bp 10-YR 4.64% -6bp 20-YR 5.16% -5bp 30-YR 5.17% -6bp 3-MO 3.86% -1bp 6-MO 3.95% -1bp 1-YR 4.01% -3bp 2-YR 4.17% -7bp 3-YR 4.25% -6bp 5-YR 4.35% -6bp 7-YR 4.48% -7bp 10-YR 4.64% -6bp 20-YR 5.16% -5bp 30-YR 5.17% -6bp 3-MO 3.86% -1bp 6-MO 3.95% -1bp 1-YR 4.01% -3bp 2-YR 4.17% -7bp 3-YR 4.25% -6bp 5-YR 4.35% -6bp 7-YR 4.48% -7bp 10-YR 4.64% -6bp 20-YR 5.16% -5bp 30-YR 5.17% -6bp 3-MO 3.86% -1bp 6-MO 3.95% -1bp 1-YR 4.01% -3bp 2-YR 4.17% -7bp 3-YR 4.25% -6bp 5-YR 4.35% -6bp 7-YR 4.48% -7bp 10-YR 4.64% -6bp 20-YR 5.16% -5bp 30-YR 5.17% -6bp 3-MO 3.86% -1bp 6-MO 3.95% -1bp 1-YR 4.01% -3bp 2-YR 4.17% -7bp 3-YR 4.25% -6bp 5-YR 4.35% -6bp 7-YR 4.48% -7bp 10-YR 4.64% -6bp 20-YR 5.16% -5bp 30-YR 5.17% -6bp
US Treasury par yield curve · Aug 25 · Source: U.S. Treasury
Wednesday, August 26, 2026
U.S. Edition
CBP Dec. 26-15

Every train leaving the United States will need an electronic manifest 24 hours before it goes, and the paper option ends

A long freight train of pale covered hopper cars crossing a wide arid basin in the American West, seen from a distance across sagebrush flats, with low bare mountain ranges on the horizon under a pale sky. No lettering, marking or person is legible at this range. Stock photo
Stock photo. Not the actual scene. Photo: RDNE Stock project / Pexels

Twenty-four hours. That is how far ahead of a train leaving the United States somebody will have to tell Customs and Border Protection what is on it.

The agency filed a final rule for public inspection on Tuesday morning requiring electronic export manifests for rail cargo, replacing paper submissions for every train departing for Canada or Mexico. The rule is effective 60 days after it publishes in the Federal Register, which is scheduled for Wednesday. Enforcement is a different date entirely, and a distant one: CBP will not begin enforcing until 26 October 2027.

The gap is the point. Fourteen months is a compliance runway, not an oversight.

What has to be filed, and when

The new section is 19 CFR 123.93. An initial filing is due as early as practicable and no later than 24 hours before the train departs the United States port of export. The remaining data is due at least two hours before that departure. Data elements are sorted into transportation data, cargo data and empty container data, and each element is marked mandatory, conditional or optional. A bond is required to secure compliance.

One detail changed between the proposal and the final rule, and it is the kind of change that decides arguments later. In the January 2025 proposal the deadlines ran from departure of the train "from the United States." CBP has rewritten them to run from departure "from the United States port of export," saying the revision is meant to remove any ambiguity about inland rail yards or other locations. A train that spends a day moving between domestic yards does not restart anyone's clock.

The obligation lands on the carrier unless somebody takes it

The outbound carrier must transmit the transportation data and the empty container data. For the initial filing and the cargo data, the carrier files if nobody else does.

Other parties may take it on: the US or foreign principal party in interest or an authorised agent, and any other party with direct knowledge of the export information, which the rule lists as including a customs broker, an Automated Broker Interface filer, a non-vessel operating common carrier, or a freight forwarder. If none of them files, the party that arranges for or delivers the cargo to the carrier has to disclose the initial filing elements to the carrier.

So the data has to come from somewhere, and the default place is the railroad.

The arithmetic CBP published

CBP put costs and savings on the record for 2016 to 2030 in 2025 dollars, and the two sides are not symmetrical.

Present value total costs to CBP and trade members range from $10.3 million at a three percent discount rate to $7.0 million at seven percent, or $859,845 to $764,026 annualised. Present value net cost savings range from $37.5 million at three percent to $22.7 million at seven percent, or $3.1 million to $2.5 million annualised. The savings come from dropping paper and from fewer examinations that require a train to be taken apart, an exercise CBP costs at a delay of up to two hours and around $3,000 in freight movement costs each time.

What is missing from both columns is worth naming. CBP states it was unable to monetise the expected benefits of the rule, which is where the security case sits. It also states it was unable to monetise some costs to trade members, because commenters raised concerns without supplying numbers. The published figures are therefore the parts that could be counted, not the whole.

Why exports were the gap

Imports have long required advance electronic data. Exports have not, and the rule explains the hole in its own terms. Electronic export information is generally required only on shipments above $2,500 per Schedule B number, and generally not required at all for shipments to Canada unless controlled items are involved or the goods are moving on to somewhere else.

That is a large share of rail traffic across the northern border carrying no advance electronic record. The rule closes it by requiring the manifest regardless of value and regardless of destination.