This legislation establishes new ad valorem duties on all goods imported into the United States, effective for each calendar year beginning after its enactment. It mandates a 10 percent duty on goods from countries with which the U.S. maintains a trade surplus and a 15 percent duty on goods from countries with a trade deficit. These new duties are imposed in addition to any existing tariffs already applicable to imported goods. The bill grants the President authority to reduce these additional duties to an amount greater than zero percent if such a reduction is determined to be in the national interest or national security interest of the United States. However, before exercising this authority, the President is required to consult with the House Committee on Ways and Means and the Senate Committee on Finance.