The Restoring Trade Fairness Act would end normal trade relations treatment for goods from China and raise import duties. Most covered goods would face a duty of at least 35 percent; listed goods would face at least 100 percent. Some increases would be phased in over several years. The President could raise duties further, set quotas, or ban certain imports. The bill would also change how some goods are valued for duties, end the de minimis duty exemption for goods from covered nations, and direct the United States to revise its World Trade Organization duty commitments. It would create a fund for producers harmed by Chinese retaliation and direct any remaining money to specified defense purchases. The bill was introduced and referred to the Senate Finance Committee; it has not been enacted.
If enacted, the bill would change duties on many goods imported from China, including electronics, vehicles, machinery, medicines, and other products. Importers would have to report the U.S. value of covered goods. The bill does not say how these changes would affect prices paid by consumers.
The bill authorizes $3.6 million for the International Trade Commission for fiscal year 2025 and $3 million for fiscal year 2026 and each later year. It would also transfer duty revenue on imports from China to a fund, subject to appropriations and the uses described in the bill. No total cost estimate is provided.
The bill states that continued normal trade relations with China threatens national security and efforts to build resilient supply chains and work more closely with U.S. allies. It aims to address those concerns through higher duties and other trade measures.
No publicly available information.