Bill lets President add taxes on foreign goods to cut trade gaps.

What it does

The bill gives the U.S. Trade Representative power to add tariffs on imports from certain countries. The Trade Representative must find these countries each year. The Trade Representative can raise tariffs on their goods. The President can say some items are critical. The President can also say some items are made nowhere else in America. Those items do not get tariffs. The bill also lets the government make trade deals to sell more U.S. goods or buy less from other countries.

Who it affects

Families and businesses that buy foreign goods will pay higher prices. Stores and makers that use imported parts will have higher costs. Workers in U.S. factories that compete with imports may benefit. Other countries may raise their own tariffs on U.S. goods, which hurts American farmers and exporters.

One thing to notice

The bill ties tariffs only to trade gaps, not to unfair trade practices. The President gets broad power to decide which goods count as critical.

From the analysis of the bill text, linked under Primary records below.

Where it stands

2 cosponsors: 2 Republicans.

• Aug 6, 2026 — Introduced · Congress.gov: “Introduced in Senate”
• Aug 6, 2026 — Referred to Senate Committee on Finance · Congress.gov: “Read twice and referred to the Committee on Finance”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Words to know

• tariffs — taxes added to the price of goods bought from other countries.
• Trade Representative — the U.S. official who handles deals and rules about buying and selling with other countries.
• trade deals — agreements between countries about what they buy and sell from each other.