Sponsors (9)
The bill lowers immediate duty costs for many small businesses and increases consumer price transparency and protections, but it broadens regulatory scope and liability, reduces tariff revenue, and creates administrative and market‑uncertainty costs for firms and government.
Small businesses importing covered goods will not pay covered duties and those that already paid will get refunds (improving short-term cash flow for many small firms).
Consumers are protected from price increases that exceed the actual duty plus bona fide added costs for five years after a duty or planned-duty announcement, helping limit price shocks for households.
Clear statutory definitions and explicit alignment with existing statutes and regulations give agencies and businesses a more predictable legal framework to apply the Act.
Firms across the supply chain (distributors, retailers, wholesalers, and importers) face increased legal exposure and litigation risk from presumptions of violation, high rebuttal burdens, and potential state enforcement actions.
Broad or inclusive definitions (e.g., 'covered good' that can include U.S.-assembled goods with foreign components, and the duty-related shock test counting HTS subheadings without partner context) could expand compliance obligations and increase costs for U.S. manufacturers and small businesses.
A 'planned duty' can be triggered by public statements from senior officials, creating rapid regulatory effects and market uncertainty that could disrupt pricing, sourcing, and investment decisions.
Based on analysis of 10 sections of legislative text.
Exempts small businesses from certain Section 122 import duties, requires refunds to small businesses, bans duty‑driven price spikes on covered goods for five years, and mandates agency price reports.
Creates a new law that shields qualifying small businesses from certain import duties, requires refunds of duties already paid by small businesses, and bans ‘‘unreasonably high’’ price increases on goods affected by those duties for five years. It defines key terms, sets standards for when price increases are presumed unlawful, allows limited rebuttal, and directs the FTC, USITC, and BLS to produce annual reports on prices and enforcement. The bill targets duties imposed under Section 122 of the Trade Act of 1974 (so-called country‑specific or IEEPA-style duties), defines covered goods and planned duties, exempts small business concerns from covered duties, requires a 90‑day refund of duties already paid by small businesses, creates an anti‑price‑gouging rule tied to duty events, and orders data collection and reporting to Congress about price effects and enforcement activity.
Official title: Exempt small business concerns from duties imposed by the President under section 122 of the Trade Act of 1974 and to prevent price gouging with respect to goods subject to such duties.
Introduced March 10, 2026 by Edward John Markey · Last progress March 10, 2026