This bill seeks to nullify Presidential Proclamation 11012 , which imposed a temporary import surcharge intended to address fundamental international payments problems. It explicitly states that this proclamation, along with any successor or substantially similar presidential actions, shall have no force or effect . Furthermore, the legislation prohibits the obligation or expenditure of any federal funds to carry out the provisions of the invalidated proclamation or related actions. A key provision mandates that the President take necessary steps to refund all tariffs or other duties that were imposed and collected under the proclamation. These refunds would cover the period from February 20, 2026, until the date this bill is enacted into law.