H.R. 505 aims to impose additional duties on imports of goods into the United States. Initially, the President must set a 10% ad valorem duty on these imports. If the U.S. has a trade deficit for the previous year, the duty increases by an additional 5%; if there's a trade...
Simple Explanation
H.R. 505 wants to add extra charges on stuff brought into the country. The charge goes up or down a little each year, depending on whether the U.S. bought more than it sold last year.