HR 505

To impose additional duties on imports of goods into the United States.

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).

Bill status

Status: In committee
Sponsor: Rep. Jared F. Golden [D-ME-2]
Cosponsors: 0
Policy area: Foreign Trade and International Finance
Introduced: 2025-01-16
Latest action: 2025-01-16: Referred to the House Committee on Ways and Means.

Committee referrals

Ways and Means Committee: House · Referred To · 2025-01-16

Recent actions

2025-01-16: Referred to the House Committee on Ways and Means.
2025-01-16: Introduced in House
2025-01-16: Introduced in House