During the signing of the document in the Oval Office, Trump stated that the tariffs would take effect "virtually immediately." According to an official statement posted on the government website, the new tariffs will come into force on February 24 and will remain in effect for 150 days.
Some categories of goods, such as critical minerals, energy sources, natural resources, and fertilizers not produced in the U.S., as well as certain types of agricultural products, medical drugs, and electronics, will be exempt from these tariffs. This also applies to cars and vehicles, as well as goods used in the aerospace industry.
Additionally, tariffs will not be applied to products related to national security and to goods imported under the agreement between the U.S., Mexico, and Canada (USMCA).
In his statement, Trump also announced the termination of previously imposed tariffs that were enacted under the emergency powers law. This concerns tariffs introduced in April 2025 on products from 185 countries and territories, as well as tariffs on China, Mexico, and Canada established to combat illegal immigration and drug smuggling, as well as tariffs on the import of oil and gas from Venezuela.
The order that imposed an additional 25% tariff on oil imports from Russia supplied by India in August 2025 is also being revoked.
Previously, the U.S. Supreme Court ruled that the imposition of import tariffs by the country's administration may exceed its authority if done under the International Emergency Economic Powers Act (IEEPA). However, the court did not clarify whether the U.S. is obligated to refund previously paid tariffs.
