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

IN COMMITTEE· 119TH CONGRESS

House BillHR 505Tariffs

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

INTRO JAN 16· LAST ACTION JAN 16

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Reported

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Passed Senate

Conference

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Became Law

WHAT THE BILL DOES

AI-written

This bill matters because it could significantly change the cost of everyday goods for American consumers, potentially making many imported products more expensive. It aims to encourage people and businesses to buy more goods made in the U.S. and could reduce the country's reliance on foreign products, potentially creating more domestic jobs. However, it also risks making American-made goods more expensive if they rely on imported components, and could lead to other countries imposing similar taxes on U.S. exports, making American products more expensive abroad.

KEY PROVISIONS

4AI-extracted

PROVISION 01

Imposes an initial 10% tax on the value of almost all goods imported into the United States.

This creates an immediate new cost for imported products.

PROVISION 02

Requires the President to adjust this tax annually based on the U.S. trade balance from the previous year.

This provision links the tax rate to the country's overall trade performance.

PROVISION 03

The tax increases by 5% if the U.S. had a trade deficit in the prior year, or decreases by 5% if it had a trade surplus or balance.

This mechanism allows the import tax to fluctuate with the goal of influencing trade outcomes.

PROVISION 04

These new duties are in addition to any existing import taxes already in place.

It means the new tax will stack on top of current tariffs, not replace them.

SPONSORSHIP

1 + 0

ACTION TIMELINE

2 EVENTS

JAN 16

Introduced in House

INTROREFERRAL

JAN 16

Referred to the House Committee on Ways and Means.

HOUSE · INTROREFERRAL

BILL INFO

TypeHouse Bill

NumberHR 505

Congress119th

StatusIn Committee

IntroducedJan 16, 2025

Last actionJan 16, 2025

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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED JAN 16, 2025

House BillHR 505Tariffs

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

INTRODUCED JAN 16, 2025· LAST ACTION JAN 16, 2025

PASSAGE CHANCES

—%

READING

2 min

COSPONSORS

COMPLEXITY

Moderate

Call my reps Congress.gov

LEGISLATIVE PROGRESS

STEP 2 OF 8

Introduced

In Committee

Reported

Passed House

Passed Senate

Conference

To President

Became Law

Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law

WHAT THE BILL DOES

AI-written

KEY PROVISIONS

AI-extracted

high

Imposes an initial 10% tax on the value of almost all goods imported into the United States.

This creates an immediate new cost for imported products.

high

Requires the President to adjust this tax annually based on the U.S. trade balance from the previous year.

This provision links the tax rate to the country's overall trade performance.

med

The tax increases by 5% if the U.S. had a trade deficit in the prior year, or decreases by 5% if it had a trade surplus or balance.

This mechanism allows the import tax to fluctuate with the goal of influencing trade outcomes.

med

These new duties are in addition to any existing import taxes already in place.

It means the new tax will stack on top of current tariffs, not replace them.

DEADLINES & DATES

AI-extracted

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Each calendar year beginning on or after the date of enactment.

Initial 10% duty on imports.

Each calendar year beginning after the first year of enactment, based on the immediately preceding calendar year's trade balance.

Annual adjustment of the duty (increase/decrease by 5%).

GLOSSARY

AI-written

Duty: A tax paid on goods brought into a country.
Ad valorem: A tax based on the value of an item, rather than its quantity. For example, a 10% ad valorem duty means a tax equal to 10% of the good's declared value.
Trade deficit: When a country imports more goods and services than it exports during a specific period.
Trade surplus: When a country exports more goods and services than it imports during a specific period.
Enactment: The process by which a bill becomes law.
Goods and services generally: Refers to all products and services bought and sold between countries, used to calculate the overall trade balance.

ACTION TIMELINE

2 EVENTS

JAN 16, 25

Introduced in House

INTROREFERRAL

JAN 16, 25

Referred to the House Committee on Ways and Means.

INTROREFERRAL

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Ways and Means CommitteeReferred

Jan 16, 2025

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

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

SPONSORSHIP

ACTION TIMELINE

BILL INFO

READER REACTIONS

Discussion

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

LEGISLATIVE PROGRESS

WHAT THE BILL DOES

KEY PROVISIONS

DEADLINES & DATES

GLOSSARY

ACTION TIMELINE

SPONSORS

READER REACTIONS

What do you think?

Discussion

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