To impose additional duties on imports of goods into the United States.
Sponsored By: Representative Golden (ME)
Introduced
Summary
Creates a mandatory, across-the-board import tariff starting at 10% on every good entering the United States. It would also let the President raise or lower that rate by 5 percentage points each year based on the nation’s prior-year trade balance.
Show full summary
- All imported goods would face an additional 10 percent ad valorem duty for each calendar year after enactment. This applies to every import without product exclusions in the bill.
- If the United States had a goods and services trade deficit in the immediately preceding calendar year, the President would increase the duty on imports by an additional 5 percent for the next year. If the United States had a trade balance or surplus, the President would decrease the duty by 5 percent, except the duty could not be reduced below zero.
- The duty required by the bill would be charged on top of any other duties already imposed by law for the same good. The text treats these charges as additional duties rather than replacements.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
10% tariff on imports, then adjusts
If enacted, this bill would require the President to impose a 10% ad valorem (percent of value) tariff on all imported goods, starting the year it becomes law. Each year after the first, the rate would rise by 5 percentage points if the United States had a trade deficit the prior year, or fall by 5 points if there was a balance or surplus. The rate could not go below 0%. Importers would pay this on top of any other duties already owed.
Sponsors & CoSponsors
Sponsor
Golden (ME)
ME • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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