Bill > HR694

This bill aims to fundamentally change the trade relationship between the United States and China by suspending normal trade relations (NTR) and significantly increasing tariff rates on Chinese imports. The legislation would end China's favorable trade status by reverting import duties to much higher column 2 rates in the Harmonized Tariff Schedule, with most Chinese goods facing a minimum 35% tariff and some specific items potentially experiencing up to 100% tariffs. The bill introduces a gradual phase-in of these increased duties over 5 years and establishes a trust fund to compensate U.S. producers for potential retaliatory actions by China. Additionally, the legislation requires the U.S. Trade Representative to modify World Trade Organization (WTO) concessions to provide more flexibility in imposing trade restrictions. The bill's findings highlight concerns about China's trade practices, including intellectual property theft, state-led economic approach, and failure to comply with previous trade agreements. The underlying rationale is to reduce U.S. economic dependence on China, protect national security, and create more resilient supply chains by imposing significant economic consequences for what the bill describes as unfair trading practices.

Budget and Finance, Transportation and Infrastructure

https://www.congress.gov/bill/119th-congress/house-bill/694/all-info