To impose additional duties on imports of goods into the United States.

H.R. 505 would direct the President to impose an additional 10% tariff on all goods imported into the United States. This baseline tariff would apply across the board to foreign products entering American markets.

The bill includes a mechanism to adjust tariffs based on the nation's trade balance. If the United States runs a trade deficit in goods and services for the preceding calendar year, the tariff would increase by an additional 5%. Conversely, if the U.S. has a trade balance or surplus, the tariff would decrease by 5%, though it cannot go below zero. These adjustments would occur automatically based on annual trade performance.

If enacted, this bill could affect prices for imported goods and products containing imported components, potentially increasing costs for consumers and businesses. The bill is currently in committee and has not yet been voted on by the full House.