Trump accuses the court of unfairly targeting the USA and Israel, according to NBC News, which has previously seen documents about the order.
The decision will entail, among other things, economic sanctions and visa restrictions for unnamed officials within the criminal court.
In November, the ICC issued an arrest warrant against Israel's Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant, as well as Hamas' military chief Mohammed Dayf, who has been labeled a terrorist.
The then-US President Joe Biden called the arrest warrant scandalous. According to the Trump administration, the arrest warrant created a "shameful moral equivalence".
Trump's signature comes after Israel's Prime Minister Benjamin Netanyahu met with Trump in Washington on Tuesday.
The USA has not ratified the ICC's foundational document, the Rome Statute.
Sweden's Foreign Minister Maria Malmer Stenergard (M) states in a written statement to TT that the threat of sanctions from the USA against the ICC is very concerning:
"If the sanctions are adopted, they risk seriously affecting the court's ability to perform its work in investigations into serious international crimes, such as Russia's atrocious war of aggression against Ukraine."