Bill · H.R. 505· House(119-HR-505)
To impose additional duties on imports of goods into the United States.
- Introduced
- 1/16/2025
- Last activity
- 1/16/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Jared Golden
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill directs the President to impose a new duty on all goods imported into the United States. Every year starting from the date of enactment, a 10 percent ad valorem duty will be applied to these imports. In subsequent years, the duty can change based on the previous year's trade balance. If there is a trade deficit, the duty increases by 5 percent. If there is a trade balance or surplus, the duty decreases by 5 percent, but cannot go below $0. These duties are applied in addition to any other existing duties required by law.
Who it would affect, and how
Potential Positive Impacts for People
- Reduction of duties during trade surpluses: Under Section 1(a)(2)(B), if the United States has a balance or surplus in the trade of goods and services, the duty on imports could decrease by 5 percent each year. This could result in lower costs for imported goods compared to the initial 10 percent duty.
Potential Negative Impacts for People
-
Immediate increase in import costs: According to Section 1(a)(1), the President must impose a 10 percent ad valorem duty on any good imported into the United States starting from the date of enactment. This would increase the cost of imported goods.
-
Increased costs during trade deficits: Under Section 1(a)(2)(A), if the United States has a trade deficit in goods and services, the 10 percent duty increases by an additional 5 percent each year. This would lead to higher costs for imports during those periods.
-
Additional financial burden on top of existing taxes: Section 1(b) states that these duties are in addition to any other duty already imposed by law on a good, which could increase the total amount of money paid on imports.
- 1/16/2025
- Referred to the House Committee on Ways and Means.
- Introduced in House