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

HR 505 would require the President to impose a 10% ad valorem tariff (based on the value) on all imported goods starting in the year the bill is enacted. For subsequent years, the tariff would automatically increase by 5% if the U.S. had a trade deficit in the previous year, or decrease by 5% if there was a trade surplus (but never below 0%). This bill directly affects importers and consumers, as these tariffs would raise costs on imported goods. The tariff applies in addition to any existing duties on the same goods.