Small Business Liberation Act

The Small Business Liberation Act would temporarily waive the duties that are imposed in response to the national emergency declared on April 2, 2025. Specifically, it bars the duties that come from Executive Order 14257 from applying to goods imported by or for use by small business concerns. The exemption targets small businesses as defined in the Small Business Act (15 U.S.C. 632), meaning eligible small businesses could import goods without paying those particular duties during the emergency period. In practical terms, the bill aims to reduce costs for small businesses that rely on imported goods during the national emergency. It narrows its scope to duties imposed pursuant to the President’s national emergency and the associated executive order (EO 14257) and does not delete other tariffs or duties that may apply under different authorities. The bill was introduced in the Senate by Senators Markey, Schumer, and Hirono and referred to the Senate Finance Committee.