Trade Deficit Elimination Act of 2026
The source supplies the latest action, but no lifecycle stage.
Latest action (6 Aug 2026): Read twice and referred to the Committee on Finance.
What this bill does
S. 5315 would impose additional duties (tariffs) on goods imported into the United States, with the stated purpose of eliminating the U.S. trade deficit in goods. The bill's full text has not yet been published, so the specific rates, which countries or products would be covered, timing, or any exemptions are not currently known.
Because the bill would apply to imported goods generally, it would primarily affect importers, businesses that rely on foreign-sourced products or components, and by extension consumers who purchase those goods, as additional duties are typically passed along in prices. It could also affect U.S. trading partners and industries connected to international trade. The precise scope of who is affected cannot be determined until the legislative text is released.
The bill was introduced in the Senate on August 6, 2026, by Senator Rick Scott (R-FL), and its most recent action remains that introduction. As a newly introduced bill in the 119th Congress, it would next need to be considered by the relevant Senate committee, which could hold hearings, amend it, or decline to advance it, before any vote by the full Senate. Passage would also require approval by the House of Representatives and the President's signature (or a veto override) to become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
6 Aug 2026
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 5315 do?
- S. 5315 would impose additional duties (tariffs) on goods imported into the United States, with the stated purpose of eliminating the U.S. trade deficit in goods. The bill's full text has not yet been published, so the specific rates, which countries or products would be covered, timing, or any exemptions are not currently known. Because the bill would apply to imported goods generally, it would primarily affect importers, businesses that rely on foreign-sourced products or components, and by extension consumers who purchase those goods, as additional duties are typically passed along in prices. It could also affect U.S. trading partners and industries connected to international trade. The precise scope of who is affected cannot be determined until the legislative text is released. The bill was introduced in the Senate on August 6, 2026, by Senator Rick Scott (R-FL), and its most recent action remains that introduction. As a newly introduced bill in the 119th Congress, it would next need to be considered by the relevant Senate committee, which could hold hearings, amend it, or decline to advance it, before any vote by the full Senate. Passage would also require approval by the House of Representatives and the President's signature (or a veto override) to become law.
- Has S. 5315 become law?
- The source does not supply a confirmed lifecycle stage for S. 5315. Check the latest action and official source below.
- Who sponsored S. 5315?
- S. 5315 was sponsored by Sen. Scott, Rick [R-FL] (R-FL), with 2 cosponsors.
- What's the latest action on S. 5315?
- Read twice and referred to the Committee on Finance. (6 Aug 2026).
Related bills in Foreign Trade and International Finance
Tariff Relief for American Development and Employment Act of 2026
Ecuador Shrimp Tariff Act
Connected Vehicle Security Act of 2026
BEEF Act
More bills from Sen. Scott, Rick [R-FL]
Protecting U.S. Investors From Chinese Military Companies Act
SCREEN Act of 2026
Subterranean Border Defense Act
Cost Estimates Improvement Act
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