Allocation of duty revenue on imports from the People's Republic of China as compensation for retaliation by the People’s Republic of China

(a) Establishment of trust fund There is established in the Treasury of the United States a trust fund, consisting of— (1) amounts transferred to the trust fund under subsection (b); and (2) any amounts that may be credited to the trust fund under subsection (c). (b) Transfer of amounts (1) In general The Secretary of the Treasury shall transfer to the trust fund established under subsection (a), from the general fund of the Treasury, for fiscal year 2024 and each fiscal year thereafter, an amount equivalent to the amount received into the general fund during that fiscal year and attributable to duties collected on articles imported from the People’s Republic of China. (2) Frequency of transfers The Secretary shall transfer amounts required by paragraph (1) to the trust fund established under subsection (a) not less frequently than quarterly. (c) Investment of amounts (1) Investment of amounts The Secretary shall invest such portion of the trust fund established under subsection (a) as is not required to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. (2) Interest and proceeds The interest on, and the proceeds from the sale or redemption of, any obligations held in the trust fund established under subsection (a) shall be credited to and form a part of the trust fund. (d) Availability of amounts in trust fund (1) In general Amounts in the trust fund established under subsection (a) shall be available, as provided in advance in an appropriations Act, to compensate producers in the United States for lost revenue resulting from actions by the People's Republic of China to restrict imports from the United States in retaliation for measures taken under this Act. (2) Agricultural retaliation (A) In general Not later than September 30, 2024, and annually thereafter, the Secretary of Agriculture shall— (i) certify to Congress with respect to whether the Commodity Credit Corporation has sufficient borrowing authority to purchase any agricultural commodities that— (I) were intended for export to the People's Republic of China; (II) were not exported to the People's Republic of China as a result of actions by the People's Republic of China described in paragraph (1); and (III) the producer was unable to sell to other purchasers at a fair price after a good faith attempt at the same price the producer expected for the export to the People's Republic of China; and (ii) if the Secretary of Agriculture certifies under clause (i) that the Commodity Credit Corporation does not have sufficient borrowing authority described in that clause, report to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives the amount of the shortfall in such sufficient borrowing authority. (B) Transfers from Treasury If the Secretary of Agriculture certifies under subparagraph (A)(i) that the Commodity Credit Corporation does not have sufficient borrowing authority to purchase any agricultural commodities described in that subparagraph— (i) the Secretary of the Treasury shall transfer to the Secretary of Agriculture from the trust fund established under subsection (a) such amounts as are necessary to purchase any agricultural commodities described in subparagraph (A)(i) that the Commodity Credit Corporation has insufficient borrowing authority to purchase; and (ii) the Secretary of Agriculture shall use the amounts transferred to the Secretary of Agriculture under clause (i) and the facilities and authorities of the Commodity Credit Corporation to purchase those agricultural commodities. (3) Retaliation against other critical sectors (A) In general After any transfer of amounts under paragraph (2)(B), the Secretary of the Treasury shall transfer to the Secretary of Commerce from the trust fund established under subsection (a) such amounts as are necessary to purchase articles in the industries described in subparagraph (B) that— (i) were intended for export to the People's Republic of China; (ii) were not exported to the People's Republic of China as a result of actions by the People's Republic of China described in paragraph (1); and (iii) the producer was unable to sell to other purchasers at a fair price after a good faith attempt at the same price the producer expected for the export to the People's Republic of China. (B) Industries described The industries described in this subparagraph are the following: (i) Semiconductors, semiconductor products, semiconductor services, and other related electrical and electronic equipment. (ii) Mineral fuels, oils, and distillation products. (iii) Aircraft and aircraft parts and aircraft-related services. (4) Other retaliation After any transfer of amounts under paragraphs (2)(B) and (3), the Secretary of the Treasury shall transfer to the Secretary of Commerce from the trust fund established under subsection (a) such amounts as are necessary to purchase articles not covered by paragraph (2) or (3) that— (A) were intended for export to the People's Republic of China; (B) were not exported to the People's Republic of China as a result of actions by the People's Republic of China described in paragraph (1); and (C) the producer was unable to sell to other purchasers at a fair price after a good faith attempt at the same price the producer expected for the export to the People's Republic of China. (5) Remainder of amounts provided to Department of Defense If, at the end of a fiscal year and after the transfer of any amounts under paragraphs (2)(B), (3), and (4), amounts remain in the trust fund established under subsection (a), the Secretary of the Treasury shall transfer such remaining amounts to the Department of Defense to acquire the following: (A) Harpoons or other anti-ship cruise missiles. (B) Loitering munitions. (C) Shallow water naval mines. (D) Any ground launched missile with an anti-ship seeker on it. (E) Patriot surface-to-air missiles. (F) Stinger air defense systems. (G) National Advanced Surface-to-Air Missile Systems. (H) Javelin missiles. (I) Tomahawk Land Attack Missiles. (J) Maritime Strike Tomahawk cruise missiles. (K) SM–6 missiles. (L) SM–3 Block IIA missiles. (M) Terminal High Altitude Defense systems. (N) PAC–3 missiles. (O) Mk48 machine guns. (P) Precision Strike Missiles. (Q) Such other munitions as the President and the Secretary of Defense determine necessary to defend Taiwan and other partners and allies of the United States in the Indo-Pacific region from the aggression of the People's Republic of China. (e) Termination (1) In general The trust fund established under subsection (a) and the requirements of subsection (d) shall terminate on the date that is 10 years after the date of the enactment of this Act. (2) Disposition of remaining funds Any amounts in the trust fund on the date of the termination of the trust fund under paragraph (1) shall be transferred to the general fund of the Treasury and used for deficit reduction.