To impose additional duties on imports of goods into the United States.
To impose additional duties on imports of goods into the United States.
Plain Language Summary
# HR 505 Summary **What the Bill Would Do** HR 505 would require the President to impose a 10% tariff (additional tax) on all goods imported into the United States. The tariff would then be adjusted annually based on whether the U.S. has a trade deficit or surplus: it would increase by an additional 5% if the country has a trade deficit the previous year, or decrease by 5% if there's a trade surplus or balance. The tariff cannot go below zero. **Who It Affects** This bill would impact nearly all Americans who purchase imported goods, as tariffs typically increase consumer prices.
It would also affect U.S. businesses that rely on imported materials and foreign companies that sell products to the United States. Retailers, manufacturers, and exporters would all face potential changes to their supply chains and costs. **Current Status** The bill was introduced by Representative Jared Golden (D-Maine) in the 119th Congress and is currently in committee, meaning it has not yet been debated or voted on by the full House of Representatives. No action has been taken to advance it further.
CRS Official Summary
This bill directs the President to impose additional duties (i.e., tariffs) on all imports entering the United States.Specifically, the President must impose an additional 10% duty on all imports entering the United States. Additionally, the bill directs the President to increase this duty on imported goods by an additional 5% if the United States has a deficit in the trade of goods and services generally for the immediately preceding calendar year. If the United States has a balance or surplus in the trade of goods and services, then the President must decrease the duty by 5% (except the imposed duty shall not be reduced below $0).
Latest Action
Referred to the House Committee on Ways and Means.