The "Secure Trade Act" establishes a new 10 percent ad valorem duty on all goods imported into the United States, effective annually from the date of enactment, in addition to any existing tariffs. The President may reduce this percentage for specific economic sectors, but not to zero, if deemed in the national interest or national security interest, following congressional consultation.

A significant portion of the bill targets trade with the People's Republic of China (PRC), mandating the President to impose higher duties on Chinese articles. For non-strategic goods, any existing duty rate below 35 percent ad valorem will be increased to that minimum, while specified strategic articles will see rates below 100 percent ad valorem raised to that level. These increased duties will be adjusted annually for inflation and phased in over a five-year period.

For articles imported exclusively from the PRC, the bill establishes tariff-rate quotas based on the difference between U.S. consumption and production. In-quota articles will face pre-enactment rates for three years before transitioning to the new higher rates, while above-quota articles will be subject to a 100 percent ad valorem duty.

The President gains additional authority to further increase duties on Chinese imports to counteract U.S. dependence or penalize unfair trade practices, and may establish quotas or prohibit imports from the PRC if they pose a national security threat or are produced through unfair trade practices or human rights violations. Merchandise imported from the PRC will also be appraised based on its "United States value," requiring importer submission and Customs and Border Protection verification.

Finally, the bill expands the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS) to include certain greenfield and brownfield investments by foreign persons from "countries of concern." These transactions, involving real estate and the establishment of a U.S. factory where a foreign government holds significant control, will now require mandatory declarations for review.