New Tariffs on Imported Goods: 10% Initial Duty and Annual Adjustments.
This bill imposes a new, permanent 10% tariff on the value of all goods imported into the United States, potentially leading to higher prices for many foreign products. The tariff rate will be adjusted annually: it increases by 5% if the US has a trade deficit, or decreases by 5% if the US achieves a trade surplus. Citizens should anticipate potentially higher costs for a broad selection of foreign-made products.
Key points
All imported goods will be subject to a new, additional 10% duty based on their value (ad valorem).
The tariff rate will be adjusted yearly based on the overall US trade balance (deficit = 5% increase; surplus = 5% decrease).
This new duty is imposed in addition to any other existing duties, increasing the total burden on imports.
Expired
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