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President Trump signed a Proclamation on February 20, 2026, imposing a new 10% global tariff under Section 122 of the Trade Act of 1974. This temporary import duty will take effect on February 24, 2026, for a period of 150 days.
In a social media post, President Trump said he may increase it to the 15% maximum.
Some goods will be exempt such as certain critical minerals, energy products, certain agricultural goods, etc. as well as a carve out for USMCA to allow goods that qualify for duty-free treatment to be exempt from Section 122 duty.
Fact Sheet: https://www.whitehouse.gov/fact-sheets/2026/02/fact-sheet-president-donald-j-trump-imposes-a-temporary-import-duty-to-address-fundamental-international-payment-problems/
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