In a significant policy shift, President Trump has issued an executive order to impose new tariffs on imports, a decision anchored in a provision of the Trade Act of 1974 that had not been previously utilized. According to Trump's communication on the social media platform Truth Social, these tariffs will take effect almost immediately, with the implementation officially set for February 24th at midnight Washington time. The new tariffs could impose duties of up to 15% on various imports for a duration of 150 days unless extended with Congress's consent.

The White House has specified that the tariffs will exclude a variety of goods, including certain mineral resources, fertilizers, some agricultural products such as oranges and beef, pharmaceuticals, along with select electronic items and vehicles. This targeted approach indicates an effort to mitigate the impact of the tariffs on basic consumer goods and essential imports, reflecting concerns over potential backlash from both consumers and businesses reliant on these products.

With the introduction of these tariffs, the administration is expecting compliance from international trade partners per earlier agreements, notably those with Canada and Mexico under the North American Free Trade Agreement (NAFTA). This decision arrives amid heightened tensions in international trade dynamics, with potential implications for relations with allied countries and global market responses to these tariff changes.