Bill > HR6991

This bill, titled the "Fair Trade Act of 2026," proposes to impose additional import duties on goods entering the United States, meaning taxes levied on products brought into the country from abroad. Specifically, it mandates a 10 percent ad valorem duty, which is a percentage of the good's value, on items imported from countries where the U.S. has a trade surplus (exports more than it imports). Conversely, goods imported from countries with which the U.S. has a trade deficit (imports more than it exports) will face a higher 15 percent ad valorem duty. These new duties are to be applied in addition to any existing import taxes. The bill also grants the President the authority to reduce these additional duties if deemed to be in the national interest or national security, but only after consulting with the House Committee on Ways and Means and the Senate Committee on Finance.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/6991/all-info