Restoring Trade Fairness Act

The Restoring Trade Fairness Act (HR 694) would suspend the United States' normal trade relations (NTR) status with China, ending the "permanent normal trade relations" (PNTR) status China has held since 2001. The bill requires the President to revise tariff rates for Chinese imports to apply minimum duties of 35% for most goods and 100% for specific listed items, with these increases phased in over five years. It also establishes a trust fund to compensate U.S. producers for revenue losses resulting from Chinese retaliation against U.S. exports, while modifying the U.S. Schedule of Concessions to the World Trade Organization.