H.R. 505 — To impose additional duties on imports of goods into the United States.

This bill directs the President to impose additional duties (i.e., tariffs) on all imports entering the United States. Specifically, the President must impose an additional 10% duty on all imports entering the United States.  Additionally, the bill directs the President to increase this duty on imported goods by an additional 5% if the United States has a deficit in the trade of goods and services generally for the immediately preceding calendar year. If the United States has a balance or surplus in the trade of goods and services, then the President must decrease the duty by 5% (except the imposed duty shall not be reduced below $0).