President Trump Imposes 10% Global Tariff from February 24
US President Donald J. Trump has announced a temporary 10% global import surcharge, citing growing balance-of-payments pressures and risks to economic stability. Issued through a presidential proclamation on February 20, the measure takes effect February 24, 2026, for 150 days unless extended by Congress.
The White House said senior advisers found “fundamental international payments problems” requiring special import measures under Section 122 of the Trade Act of 1974. Trump determined the tariff is necessary to correct external imbalances and stabilize the US economy.
Officials noted that America’s balance on primary income turned negative in 2024 for the first time in decades, while its net international investment position fell to –90% of GDP. Persistent goods trade deficits of about $1.2 trillion and a widening current account gap of 4% of GDP have raised concerns over financial sustainability.
The surcharge will apply to most imports in addition to existing tariffs but excludes key sectors such as critical minerals, energy, pharmaceuticals, aerospace, and vehicles. Imports under the US-Mexico-Canada and Central America trade agreements remain duty-free.
The administration stressed the move targets macroeconomic imbalances, not industry protection. The US Trade Representative will monitor its effects and may adjust or end the measure before its July 24 expiry.
The action is one of Washington’s most sweeping trade steps in recent years and is expected to draw strong global responses.
