(The Epoch Times)—President Donald Trump signed an executive order Wednesday directing a broad overhaul of U.S. customs enforcement aimed at strengthening compliance with customs laws, improving duty collection, and combating fraud.

The order directs the Department of Homeland Security (DHS) and U.S. Customs and Border Protection (CBP) to increase requirements for importers, including higher bonding requirements and a requirement that importers maintain a minimum level of tangible domestic assets, bonding, or both.

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“This executive order will launch a series of bold new steps that I think we as an Administration believe will result in the tightest, most controlled border in American history,” Will Scharf, staff secretary of the White House, said during the press conference.

The overhaul would save $15 billion in the first year and an estimated $25 billion in the second year, according to Peter Navarro, counselor to the president.

The reforms will not take effect immediately, according to the executive order. DHS and CBP will work with the stakeholders and give them time to adjust operations.

Foreign importers would face heightened requirements for entry, while only U.S.-based importers would be authorized to file informal entries. The order also establishes a “good standing” requirement and increased vetting procedures for individuals and entities involved in importing goods.

The order directs DHS and CBP to establish new disclosure and certification requirements intended to combat duty evasion and violations of supply chain rules. It also calls for increased enforcement of existing customs laws, including a 50 percent minimum penalty floor that would limit CBP’s discretion to reduce penalties assessed against importers found in violation.

Additional provisions call for enhanced seizure and disposal of noncompliant imports, greater transparency through annual reports, and legislative proposals to strengthen customs enforcement. The administration said the reforms would be implemented through the rulemaking process.

“Customs reform is long overdue,” the executive order states. “Systemic inefficiencies, loopholes, insufficient enforcement mechanisms, and outdated processes have created opportunities for malign actors to evade federal law.”

The White House noted that Trump previously suspended the de minimis exemption, which allows packages valued at less than $800 to enter the United States without duties.

The press release states that the exemption was “long exploited by foreign shippers to flood American markets with cheap, duty-free goods and funnel illicit fentanyl into the country.”

“Today we signed The Customs Reform Executive Order, putting America First for trade enforcement,” CBP Commissioner Rodney Scott said on X. “It protects domestic industry from unfair competition, holds bad actors accountable, and reinforces that economic security is national security.”