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Restoring Trade Fairness Act

Introduced: November 14, 2024 Introduced by: Moolenaar, John R. Republican · Michigan See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 17, 2024
Referred to the Subcommittee on Trade.
Nov 14, 2024
Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Armed Services, Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Nov 14, 2024
Introduced in House
 Plain-English summary Congressional Research Service

Restoring Trade Fairness Act

This bill establishes various trade measures related to China, including by revoking China's permanent normal trade relations (PNTR) status and increasing the rates of duty (i.e., tariffs) on Chinese imported goods. The bill prohibits imported goods originating from North Korea, China, Russia, or Iran from receiving de minimis treatment. (Current law allows for U.S. imports under a de minimis threshold of $800 per shipment to enter free of tariffs, fees, and taxes.)

Specifically, the bill revokes China's PNTR status. Currently, China's PNTR status allows for Chinese goods to have duty rates set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTS). With the removal of China's PNTR status, the bill generally sets the applicable duty rates on imported Chinese goods at the higher rates listed in column 2 of the HTS, with exceptions.

The bill establishes a minimum duty rate of 35% for all Chinese goods, which requires column 2 rates to be at least 35%. However, the bill establishes a minimum duty rate of 100% for a list of specified goods (e.g., various minerals, certain vaccines and drugs, and certain defense-related articles). Duty rates are phased in over five years and adjusted annually for inflation.

The bill also

  • authorizes the President to take additional actions related to trade with China, 
  • requires merchandise imported from China to be appraised based on U.S. value, and 
  • establishes a trust fund to compensate U.S. producers for lost revenue resulting from retaliatory actions by China.
What's happening now December 17, 2024

Referred to the Subcommittee on Trade.

 Committees of jurisdiction 6
 Cosponsors 1
All 1 Republican 1