President Donald J. Trump has signed a Proclamation imposing a temporary 10% ad valorem import duty for 150 days, effective February 24, 2026, at 12:01 a.m. EST. This action, taken under section 122 of the Trade Act of 1974, aims to address fundamental international payments problems, rebalance trade relationships, and benefit American workers, farmers, and manufacturers by stemming dollar outflow and incentivizing domestic production.

The temporary duty includes exemptions for certain critical minerals, energy products, natural resources, specific agricultural products (like beef, tomatoes, oranges), pharmaceuticals, certain electronics, various vehicles and parts, aerospace products, and informational materials. Goods already subject to section 232 actions, USMCA compliant goods from Canada and Mexico, and certain textiles/apparel from DR-CAFTA countries are also exempt. In a separate Executive Order, President Trump reaffirmed the suspension of duty-free de minimis treatment for low-value shipments, making them subject to the new duty, and directed the U.S. Trade Representative to investigate unfair trade practices under section 301 authority.

The administration highlights a "large and serious balance-of-payments deficit," noting a $1.2 trillion goods trade deficit in 2024 (a 40% increase during the "Biden Administration") and a negative U.S. net international investment position of $26 trillion (89% of U.S. GDP) by the end of 2024. These issues are framed as endangering U.S. economic and national security. The article stresses that tariffs will remain a critical tool for protecting U.S. interests, despite a "disappointing" Supreme Court decision, and reaffirms the administration's commitment to reshaping the global trading system, reshoring domestic production, and expanding market access abroad through a combination of tariffs and trade deals.