Restoring Trade Fairness Act

Bill: 118-hr-10127
Sponsor: Rep. Moolenaar, John R. [R-MI-2]
Introduced: 2024-11-14 in the House
Policy area: Foreign Trade and International Finance
Subjects: Administrative law and regulatory procedures
Agricultural trade
Asia
Budget deficits and national debt
China
Congressional oversight
Customs enforcement
Department of Defense
Executive agency funding and structure
Government information and archives
Government trust funds
Inflation and prices
Normal trade relations, most-favored-nation treatment
Presidents and presidential powers, Vice Presidents
Tariffs
Trade restrictions
U.S. International Trade Commission

Summary:
action_date: 2024-11-14
text: 

Restoring Trade Fairness Act

This bill establishes various trade measures related to China, including by revoking China's permanent normal trade relations (PNTR) status and increasing the rates of duty (i.e., tariffs) on Chinese imported goods. The bill prohibits imported goods originating from North Korea, China, Russia, or Iran from receiving de minimis treatment. (Current law allows for U.S. imports under a de minimis
 
threshold of $800 per shipment to enter free of tariffs, fees, and taxes.)

Specifically, the bill revokes China's PNTR status. Currently, China's PNTR status allows for Chinese goods to have duty rates set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTS). With the removal of China's PNTR status, the bill generally sets the applicable duty rates on imported Chinese goods at the higher rates listed in column 2 of the HTS, with exceptions.

The bill establishes a minimum duty rate of 35% for all Chinese goods, which requires column 2 rates to be at least 35%. However, the bill establishes a minimum duty rate of 100% for a list of specified goods (e.g., various minerals, certain vaccines and drugs, and certain defense-related articles). Duty rates are phased in over five years and adjusted annually for inflation.

The bill also

authorizes the President to take additional actions related to trade with China, 

requires merchandise imported from China to be appraised based on U.S. value, and 

establishes a trust fund to compensate U.S. producers for lost revenue resulting from retaliatory actions by China.



Legislative actions:
action_date: 2024-12-17
text: Referred to the Subcommittee on Trade.
action_date: 2024-11-14
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Armed Services, Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2024-11-14
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Armed Services, Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2024-11-14
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Armed Services, Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2024-11-14
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Armed Services, Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2024-11-14
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Armed Services, Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2024-11-14
text: Introduced in House
action_date: 2024-11-14
text: Introduced in House