Imposing a Temporary Import Surcharge To Address Fundamental International Payments Problems

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 al…