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To impose additional duties on imports of goods into the United States.
2/13/2025, 5:18 AM
Summary of Bill HR 505
Bill 119 HR 505, also known as the "Import Duties Act," aims to impose additional duties on imports of goods into the United States. The bill was introduced in the House of Representatives and is currently under consideration by the Ways and Means Committee.
If passed, this legislation would require importers to pay higher duties on certain goods entering the country. The goal of the bill is to protect American industries from unfair competition and to promote domestic manufacturing.
Supporters of the bill argue that imposing additional duties on imports will help level the playing field for American businesses and create more jobs in the United States. They believe that this measure will also help reduce the trade deficit and strengthen the economy. Opponents of the bill, however, argue that it could lead to higher prices for consumers and hurt international trade relations. They believe that imposing additional duties on imports could spark retaliatory measures from other countries, leading to a trade war that could harm the global economy. Overall, Bill 119 HR 505 is a controversial piece of legislation that has sparked debate among lawmakers and stakeholders. Its fate remains uncertain as it continues to make its way through the legislative process.
If passed, this legislation would require importers to pay higher duties on certain goods entering the country. The goal of the bill is to protect American industries from unfair competition and to promote domestic manufacturing.
Supporters of the bill argue that imposing additional duties on imports will help level the playing field for American businesses and create more jobs in the United States. They believe that this measure will also help reduce the trade deficit and strengthen the economy. Opponents of the bill, however, argue that it could lead to higher prices for consumers and hurt international trade relations. They believe that imposing additional duties on imports could spark retaliatory measures from other countries, leading to a trade war that could harm the global economy. Overall, Bill 119 HR 505 is a controversial piece of legislation that has sparked debate among lawmakers and stakeholders. Its fate remains uncertain as it continues to make its way through the legislative process.
Congressional Summary of HR 505
This bill directs the President to impose additional duties (i.e., tariffs) on all imports entering the United States.
Specifically, the President must impose an additional 10% duty on all imports entering the United States.
Additionally, the bill directs the President to increase this duty on imported goods by an additional 5% if the United States has a deficit in the trade of goods and services generally for the immediately preceding calendar year. If the United States has a balance or surplus in the trade of goods and services, then the President must decrease the duty by 5% (except the imposed duty shall not be reduced below $0).
Read the Full Bill
Current Status of Bill HR 505
Bill HR 505 is currently in the status of Bill Introduced since January 16, 2025. Bill HR 505 was introduced during Congress 119 and was introduced to the House on January 16, 2025. Bill HR 505's most recent activity was Referred to the House Committee on Ways and Means. as of January 16, 2025
Bipartisan Support of Bill HR 505
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 505
Primary Policy Focus
Alternate Title(s) of Bill HR 505
To impose additional duties on imports of goods into the United States.
To impose additional duties on imports of goods into the United States.
Comments
Sponsors and Cosponsors of HR 505
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