Imposing a Temporary Import Surcharge To Address Fundamental International Payments Problems
Record date: 2026-02-25
Proclamation 11012 of February 20, 2026 Imposing a Temporary Import Surcharge To Address Fundamental International Payments Problems A Proclamation 1. The United States plays a pivotal role in shaping the global economy. At the same time, the United States faces various threats to its own economy and national interests. Sometimes, the United States faces fundamental international payments problems, such as large and serious balance-of-payments deficits, an imminent and significant depreciation of its currency in foreign exchange markets, or an international balance-of-payments disequilibrium. These problems can, among other things, endanger the
What this record contains
- Federal Register document
- 2026-03824
- Publication date
- 2026-02-25
- Citation
- 91 FR 9339
- Issuing office
- Executive Office of the President
Official record excerpt
Proclamation 11012 of February 20, 2026 Imposing a Temporary Import Surcharge To Address Fundamental International Payments Problems A Proclamation 1. The United States plays a pivotal role in shaping the global economy. At the same time, the United States faces various threats to its own economy and national interests. Sometimes, the United States faces fundamental international payments problems, such as large and serious balance-of-payments deficits, an imminent and significant depreciation of its currency in foreign exchange markets, or an international balance-of-payments disequilibrium. These problems can, among other things, endanger the ability of the United States to finance its spending, erode investor confidence in the economy, and distress the financial markets. 2. Special import measures to restrict imports, such as surcharges and quotas, are key tools to protect the economy and national security of the United States, and, in certain circumstances, they are required to deal with fundamental international payments problems. 3. Given the gravity of fundamental international payments problems and the importance of import restrictions as economic, national security, and foreign policy tools, Federal law, including section 122 of the Trade Act of 1974 ( 19 U.S.C. 2132 ) (section 122), empowers the President to take action through surcharges and other special import restrictions to address fundamental international payments problems. 4. I have received certain requested information and opinions from senior officials on whether any fundamental international payments problems exist and the extent to which such problems could impair United States national interests, including economic and national security interests. The information and opinions discuss, among other things, the state of the balance of payments of the United States, the standing of the United States dollar in foreign exchange markets, and the state of international balances of payments. I have also received opinions and recommendations from senior officials on whether special import measures to restrict imports are required to address any fundamental international payments problems. These opinions address, among other things, whether a surcharge in the form of ad valorem duties is required to restrict imports to deal with large and serious United States balance-of-payments deficits, to prevent an imminent and significant depreciation of the United States dollar in foreign exchange markets, or to cooperate with other countries in correcting an international balance-of-payments disequilibrium. 5. These senior officials have informed me that fundamental international payments problems within the meaning of section 122 exist and that special import measures to restrict imports are required to address these problems. Specifically, my advisors have determined that an import surcharge in the form of ad valorem duties is required to deal with large and serious United States balance-of-payments deficits. My advisors have also opined that certain products should not be subject to the surcharge because of the needs of the United States economy and that the recommended exceptions are consistent with the limitations of section 122, the purposes of section 122, and the national interest of the United States. ( printed page 9340) 6. Among other things, I have been informed by my advisors that the United States balance-of-payments position, under any reasonable understanding of the term in the context of section 122, is currently a large and serious deficit. My advisors have studied different methods of evaluating balance-of-payments deficits, including calculations based on current-account statistics. In my advisors' opinions, under any of these methods, the United States balance-of-payments position is a large and serious deficit. 7. For instance, my advisors have informed me that the United States runs a deficit in selling goods and services overseas, as reported by the United States Bureau of Economic Analysis (BEA) in the “balance on goods and services”; has recently reflected quarterly deficits in its return on investment or labor, as reported by the BEA in the “balance on primary income”; and runs a deficit in voluntary transfers, such as remittances, as reported by the BEA in the “balance on secondary income.” In other words, the United States runs a trade deficit, does not currently make a net income from the capital and labor that it deploys abroad, and experiences more transfer payments, on net, flowing out of the country than into the country. 8. As my advisors have informed me, the United States runs a substantial trade
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Questions for accountability
- Which products, countries and tariff rates were affected?
- Who legally pays the duty and how were costs distributed?
- Did later orders, courts or negotiations change the policy?
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