Small Business Liberation 2.0 Act

This bill would exempt small businesses from import duties (tariffs) that the President imposes under section 122 of the Trade Act of 1974, and would require the President to refund such duties small businesses already paid within 90 days. It would bar sellers, other than small businesses, from raising prices on goods affected by these duties by more than the duty costs and related added costs, for five years after a duty takes effect or is announced. Larger companies that raise prices after a wave of new or planned duties would be presumed to be in violation unless they show the increase came fully from those costs. The Federal Trade Commission and state attorneys general could enforce the rule, the FTC would set up a way for consumers to report violations, and federal agencies would issue yearly reports on prices.

Full text and official record on Congress.gov

Sponsors

• Edward J. Markey Democrat sponsor
• 8 cosponsors