Bill · S. 206· Senate(119-S-206)
Restoring Trade Fairness Act
- Introduced
- 1/23/2025
- Last activity
- 1/23/2025 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Tom Cotton
- Cosponsors
- - 3 - 0
- Introduced
- In Committee
What this bill would do
The Restoring Trade Fairness Act seeks to suspend normal trade relations with the People's Republic of China. It mandates a revision of the Harmonized Tariff Schedule to apply higher duty rates to Chinese articles, including a minimum 35 percent ad valorem rate for most goods and a 100 percent rate for specific articles. The bill establishes a system for adjusting duties for inflation and phasing in these increases over several years. It also provides for tariff-rate quotas for articles imported only from China and grants the President authority to prohibit certain imports. Additionally, it creates a trust fund to compensate U.S. producers facing retaliation from China. The text also includes a detailed list of specific goods, including various navigational instruments, scientific measuring tools, medical components, and military weaponry.
Yes· 3 of 16
Does this raise the taxes companies pay?+6
The bill significantly raises duty rates on many articles imported from China, which functions as a tax on importers and corporations dealing with Chinese goods.
Would farmers be better off under this?+4
The bill includes specific provisions to purchase agricultural commodities and provides tools like tractors that directly support farming operations.
Would business owners be better off under this?+3
The trust fund provides financial relief to producers and the diversity of equipment benefits business owners in industrial and agricultural sectors.
The opposite
Does this put more limits on buying or owning guns?-1
The list includes various firearms, parts, and telescopic sights which could be used in relation to firearm regulation.
Who it would affect, and how
Potential Positive Impacts for People
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Compensation for Retaliatory Actions: A trust fund will be established to compensate U.S. producers for lost revenue caused by China's retaliatory trade restrictions (Section 8).
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Support for Agricultural Producers: The fund provides a mechanism for the Commodity Credit Corporation to purchase agricultural commodities that were intended for export to China but could not be sold due to retaliatory actions (Section 8).
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Support for Critical Industry Sects: The fund can be used to compensate producers in critical industries such as semiconductors, mineral fuels, oils, and aircraft/aircraft parts (Section 8).
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National Security and Defense Capabilities: Remaining funds in the trust fund may be used by the Department of Defense to acquire various munitions and defense systems to defend partners and allies in the Indo-Pacific (Section 8).
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Medical Technology Access: The inclusion of printed circuit assemblies for electrocardiographs (9018.11.60), electro-diagnostic modules (9018.19.75), and defibrillators (9018.90.68) relates to essential life-saving medical equipment.
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Safety and Detection: The mention of parts for ionization type smoke detectors (9022.90.70) provides tools necessary for fire safety and hazard detection.
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Scientific and Industrial Precision: Various instruments for measuring properties like the hardness or strength of materials (9024.90.00) or the flow and pressure of liquids and gases (9026.10.20, 9026.20.40) support technical and industrial progress.
Potential Negative Impacts for People
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Increased Costs via Higher Duties: The bill increases duty rates on many articles from the People's Republic of China, setting a minimum of 35 percent ad valorem for most goods (Section 4).
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High Duties on Specific Goods: Certain specific articles will face a significantly higher duty rate of 100 percent (Section 4).
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Burden on Importers of Specific Goods: For articles imported only from China, once a specific tariff-rate quota is reached, the duty rate increases to 100 percent (Section 4).
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Changes to De Minimis Entries: The bill amends regulations so that articles from covered nations may no longer be admitted free of duty or tax under certain existing exemptions (Section 7).
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Military and Weaponry Risks: The list includes various combat-ready items such as artillery weapons (9301.10.00), rocket launchers (9301.20.00), rifles (9304.00.20), and bombs or missiles (9306.90.00), which are designed for warfare.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Increases Corporate Taxes+6Improves Small Business Support+2Increases Job Creation+2Improves Economic Growth+1
- Demographic And Interest Groups
- Good For Farmers+4Good For Business Owners+3Good For Union Workers+3
- Environment Energy And Infrastructure
- Improves Rural Development+2Increases Renewable Energy Investment+1
- Governance And Ideology
- Improves Government Transparency+1Improves Privacy Rights+1
- National Security And Foreign Policy
- Improves Veterans Benefits+1Increases Domestic Surveillance+1
- Education And Technology
- Increases Scientific Research Funding+1
- Healthcare
- Improves Healthcare Access+1
- Social Issues And Justice
- Improves Poverty Reduction+1Improves Gun Control Measures-1
- 3/11/2025
- 1 Cosponsor added.
- 1/23/2025
- Read twice and referred to the Committee on Finance.
- 2 Cosponsors added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Jim BanksRepublican · Indiana
Josh HawleyRepublican · Missouri
Pete RickettsRepublican · Nebraska