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Bill

HR 505

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

119th Congress Introduced by Jared Golden

HR 505 imposes a 10% duty on imports, adjusting annually based on trade balance, aiming to protect U.S. industries and impact prices for consumers and importers.

Introduced in House
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WeVote Research Nonpartisan
Bill Summary · HR 505

Summary of HR 505: Import Duties on Goods

Bill Number: HR 505
Title: To impose additional duties on imports of goods into the United States
Status: Introduced in House
Introduced Date: January 16, 2025
Classification: Bill

Purpose and Intent

The primary purpose of HR 505 is to establish a framework for imposing additional duties on imports of goods into the United States. This legislation aims to address trade imbalances by adjusting import duties based on the country's trade performance in the previous year. The bill seeks to enhance domestic economic stability and potentially protect local industries from foreign competition.

Key Provisions

HR 505 includes the following significant provisions:

  1. Initial Duty Imposition:

    • The President is mandated to impose a duty of 10 percent ad valorem on imports of any good into the United States for each calendar year starting from the enactment of the bill.

  2. Annual Adjustments Based on Trade Balance:

    • For each subsequent calendar year:
      • If the U.S. has a trade deficit in goods and services for the preceding year, the duty will increase by an additional 5 percent ad valorem.
      • If the U.S. has a trade balance or surplus, the duty will decrease by 5 percent ad valorem, but it cannot be reduced below $0.

  3. Additional Duties:

    • The duties imposed under this bill are in addition to any other duties that may already be in place for the same goods.

Affected Parties

The bill will impact various stakeholders, including:

  • Importers: Businesses that import goods into the U.S. will face increased costs due to the new duties.
  • Consumers: Potentially higher prices for imported goods may affect consumers' purchasing decisions.
  • Domestic Manufacturers: The legislation may provide a competitive edge to local manufacturers by making imported goods more expensive.

Procedural Aspects

  • Committee Referral: Upon introduction, HR 505 was referred to the House Committee on Ways and Means for further consideration.
  • Timeline: The bill was introduced on January 16, 2025, and will undergo the legislative process, including potential amendments and voting, in the House.

Conclusion

HR 505 represents a strategic approach to managing U.S. trade policy by adjusting import duties based on the nation's trade performance. If enacted, it could significantly influence the dynamics of international trade and domestic economic conditions. Stakeholders should monitor the bill's progress and potential implications for their respective sectors.

Compiled from official sources — confirm details with the bill’s official record.

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