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).