July 24, 2026 U.S President Donald Trump. The White House The Trump administration on Friday imposed tariffs of 12.5% on imports from Russia, placing it among 60 economies accused by the United States of failing to eradicate forced labor. Russia is also one of more than two dozen countries hit with the maximum 12.5% rate for alleged failures to enact or effectively enforce bans on goods produced with forced labor. Other U.S. trading partners, including Britain and the European Union, were slapped with tariffs ranging from 10% to 12.5%. “President Trump is tackling modern-day slavery at its source by requiring our trading partners to enact and enforce import bans to ensure products made by workers under such horrifying conditions are no longer traded in global commerce,” the Office of the U.S. Trade Representative said in a statement. The new measures took effect immediately following the midnight expiration of President Donald Trump’s temporary 10% global tariff, which lasted 150 days. Goods currently in transit are exempt until midnight Eastern Daylight Time on July 28. U.S.-Russian trade fell sharply following the 2022 invasion of Ukraine, totaling $4.4 billion last year. Top U.S. imports from Russia include fertilizers, nuclear materials and precious metals, while American exports to Russia consist primarily of vaccines and medical products. The tariffs also include exceptions for essential raw materials, items not produced in the U.S. and goods preventing economic disruption. A senior administration official disputed assertions that the forced labor measures are merely a direct replacement for the expired global duties, despite the overlapping timing, comparable rates, and broad coverage across U.S. imports. The official argued that the U.S. maintains and enforces stricter bans on forced-labor goods than its trading partners, which places American businesses at an unfair disadvantage. Numerous key commodities and goods will be exempt from the new levies, including oil and gas, fertilizers, certain foodstuffs, aircraft, aircraft components, and critical minerals. Items already subject to U.S. national security tariffs — such as automobiles, steel, aluminum and copper — are also excluded. Reuters contributed reporting. Read more about: United States , Trade Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Indian State Refineries Halt Russian Oil Imports – Reuters U.S. President Donald Trump has warned that buyers of Russian oil could soon face steep tariffs. 2 Min read Trump Tariffs Show Disregard for International Norms, Russia Says Russian officials have begun voicing concern, particularly over falling oil prices — a key source of state revenue — since the tariff hikes were announced... 2 Min read Putin Relieves Russian Ambassador to U.S. With No Replacement Named The Kremlin said Anatoly Antonov's replacement would be named “in a timely manner” when asked whether his return indicated a downgrade in Russian-U... 1 Min read U.S.-Russia Trade Hits Two-Decade Low The United States ended “normal” trade relations with Moscow last spring, as President Joe Biden introduced steep tariff hikes on Russian imports... 1 Min read
Bank of Russia cuts key rate from 14.25% to 14% per annum
• What happened: The Bank of Russia has reduced its key interest rate from 14.25% to 14% per annum, despite analysts expecting it to remain unchanged. • Why i...