Sponsors
The bill trades potential support for U.S. manufacturers and a predictable, rule‑based trade policy for higher costs to consumers and businesses, greater supply‑chain and planning disruption, and elevated risk of foreign retaliation.
Small-business owners and U.S. manufacturers: higher duties can make foreign goods pricier and shift demand toward U.S.-made products, supporting domestic manufacturing jobs and firms.
Small-business owners and policymakers: creates a predictable, formulaic duty schedule tied to trade performance so businesses and financial actors get a clearer automatic signal about trade policy direction.
Taxpayers and the national economy: penalizing imports when trade deficits persist could improve the U.S. trade balance over time, potentially reducing pressure on domestic industries.
All consumers and importers: the bill starts with a 10% ad valorem duty (cumulative with existing tariffs), raising prices on everyday products and increasing inflationary pressure.
Manufacturers, retailers, and supply-chain-dependent businesses: higher import duties will raise input costs, reduce competitiveness, risk job losses, and push firms to raise prices or cut staff.
U.S. exporters and farmers: trading partners may retaliate with tariffs, shrinking export markets and harming agricultural producers and export-dependent firms.
Based on analysis of 2 sections of legislative text.
Introduced January 16, 2025 by Jared Golden · Last progress January 16, 2025
Imposes a new, broad import duty equal to 10% of the value of all goods imported into the United States, applied for each calendar year beginning on or after enactment. Each following year the President must raise that additional duty by 5 percentage points if the U.S. had a goods-and-services trade deficit in the prior year, or lower it by 5 percentage points if the U.S. had a trade balance or surplus in the prior year, with the duty never falling below zero; these additional duties stack on top of any other lawful duties.