Bills · HR 6991
IN COMMITTEE· 119TH CONGRESS
House BillHR 6991Foreign Trade and International Finance
Fair Trade Act of 2026
INTRO JAN 8· LAST ACTION JAN 8
READING
2MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it could significantly change the cost of living for many Americans and reshape global trade. If passed, consumers would likely pay more for a vast array of goods currently imported, potentially leading to increased inflation. Businesses that depend on international supply chains could see their operating costs rise, which might force them to pass those costs onto consumers or reduce their workforce.
It could also lead to retaliatory tariffs from other countries, potentially harming American businesses that export goods. Supporters believe it could encourage domestic manufacturing and reduce trade imbalances, while opponents worry about its impact on consumer prices, business competitiveness, and international relations. If this bill doesn't become law, the current system of tariffs and trade agreements would remain largely unchanged, without these additional, broad duties.
KEY PROVISIONS
5AI-extractedPROVISION 01
Imposes an additional 10% tax on goods imported from countries where the United States has a trade surplus.
This increases the cost of goods from countries that already buy more from the U.S. than they sell to it, potentially impacting consumer prices.
PROVISION 02
Imposes an additional 15% tax on goods imported from countries where the United States has a trade deficit.
This makes goods from countries with which the U.S. has significant trade imbalances more expensive, aiming to reduce imports from those nations.
PROVISION 03
States that these new duties are to be added on top of any existing taxes already applied to imported goods.
This clarifies that the bill's taxes are not replacing, but supplementing, current import duties, making imports cumulatively more expensive.
PROVISION 04
Grants the President the authority to reduce these additional duties, but not to zero, if it is deemed to be in the national interest or national security.
This provides flexibility for the executive branch to manage trade relationships and economic impacts, avoiding rigid application of the new taxes.
PROVISION 05
Requires the President to consult with the House Ways and Means Committee and the Senate Finance Committee before reducing any duties.
This ensures a degree of Congressional oversight and input into presidential decisions regarding these new trade taxes.
SPONSORSHIP
1 + 0
R· Texas
YRS IN OFFICE
5
BILLS LED
48
ACTION TIMELINE
2 EVENTSJAN 8
Introduced in House
JAN 8
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 6991
Congress119th
StatusIn Committee
IntroducedJan 8, 2026
Last actionJan 8, 2026
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED JAN 8, 2026
House BillHR 6991Foreign Trade and International Finance
Fair Trade Act of 2026
INTRODUCED JAN 8, 2026· LAST ACTION JAN 8, 2026
PASSAGE CHANCES
—%
READING
2 min
COSPONSORS
0
COMPLEXITY
Moderate
