On February 20, 2026, President Donald J. Trump issued a Proclamation imposing a temporary 10% ad valorem import surcharge on articles imported into the United States, effective February 24, 2026, for a period of 150 days. This action, taken under section 122 of the Trade Act of 1974, is intended to address "fundamental international payments problems," specifically a "large and serious United States balance-of-payments deficit" that is deemed to harm U.S. national interests, including economic and national security.

The proclamation details a significant balance-of-payments deficit, citing a $1.2 trillion goods trade deficit in 2024 and 2025 (a 40% increase in five years), the annual balance on primary income turning negative in 2024 for the first time since 1960, a 2024 current account deficit of 4.0% of GDP (the largest since 2008), and a sharply declining U.S. net international investment position (negative 90% of GDP by the end of 2024). The goal of the surcharge is to stem the outflow of U.S. dollars, incentivize domestic production, correct the deficit, create jobs, and lower consumer costs.

The import duty includes various exemptions for products considered vital to the U.S. economy or already subject to other trade restrictions. These include certain critical minerals, energy products, natural resources, specific agricultural products (e.g., beef, tomatoes, oranges), pharmaceuticals, electronics, certain vehicles and aerospace products, informational materials, goods covered by Section 232 actions, USMCA-compliant goods from Canada and Mexico, and specific textile/apparel articles from DR-CAFTA countries. The President affirmed that these exceptions are consistent with the purposes and limitations of section 122.