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HR 505 119th Congress House Foreign Trade and International Finance Tariffs

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

Introduced: January 16, 2025 Introduced by: Golden, Jared F. Democratic · Maine See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 16, 2025
Referred to the House Committee on Ways and Means.
Jan 16, 2025
Introduced in House
 Plain-English summary Congressional Research Service

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).

What's happening now January 16, 2025

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1