Restoring Trade Fairness Act

This bill would take away China's special trade status that allows Chinese goods to enter the United States at lower tax rates. It would raise taxes on imported Chinese goods to at least 35%, with certain items like minerals, some drugs and vaccines, and defense-related products facing a tax of at least 100%, with these increases being rolled out over five years. The bill would also stop shipments worth $800 or less from China, North Korea, Russia, and Iran from entering the country tax-free, which is currently allowed under existing law. Additionally, it gives the President power to take further trade actions against China and creates a fund to help American producers who lose money if China retaliates.

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