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New Import Duties: Impact on Prices and Trade.

This proposed bill introduces new fees on goods imported into the United States. Initially, it will be 10% of the goods' value, and in subsequent years, the fee may increase or decrease based on the country's trade balance. This means that prices for many products available in stores could rise, affecting household budgets.
Key points
All imported goods will face an additional 10% duty on their value.
This duty can change annually: it will increase by 5% if the country has a trade deficit, or decrease by 5% if it has a trade surplus.
These new duties are in addition to existing ones, potentially leading to higher product prices for consumers.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_505
Sponsor: Rep. Golden, Jared F. [D-ME-2]
Process start date: 2025-01-16
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_505.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-01-16.

What are the main provisions?

Key points include:

  • All imported goods will face an additional 10% duty on their value.
  • This duty can change annually: it will increase by 5% if the country has a trade deficit, or decrease by 5% if it has a trade surplus.
  • These new duties are in addition to existing ones, potentially leading to higher product prices for consumers.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Golden, Jared F. [D-ME-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy Taxes