Imposing a Temporary Import Surcharge To Address Fundamental International Payments Problems

Key Points

• President Trump is adding a temporary 10% tax, called a surcharge, on most products brought into the U.S. from other countries. This extra cost will be added to existing taxes already paid at the border starting February 24, 2026.
• This affects businesses that import goods and may lead to higher prices for shoppers. However, many everyday items like beef, tomatoes, oranges, medicine, and cars are exempt from this new tax to help keep costs down for American families.
• The goal is to fix a major "balance-of-payments" problem, which happens when the U.S. spends much more money abroad than it brings in. The government reports that the trade deficit reached $1.2 trillion in 2024 and 2025, which officials say threatens the economy.
• This new tax is scheduled to last for 150 days, ending on July 24, 2026. It could be ended early or extended if Congress passes a new law to keep it in place longer.
• Goods coming from Canada and Mexico are not included in this tax. Other items left out include energy products, fertilizers, and certain high-tech parts that the U.S. cannot easily produce enough of on its own.