Increasing American Ferrosilicon Production Act This bill requires certain actions related to trade with Russia and Belarus, including by requiring an increase in the rate of duty for certain types of ferrosilicon. (Ferrosilicon is an alloy of iron and silicon.) Specifically, the bill directs the President to proclaim an increase in the rate of duty applicable to ferrosilicon that is (1) classified under subheading 7202.21.50 of the Harmonized Tariff Schedule of the United States, and (2) produced in Russia or Belarus. This rate of duty shall be 35% ad valorem. Additionally, the bill extends through January 1, 2025, the authority of the President to proclaim increased rates of duty for all products of Russia or Belarus. (Currently, this authority terminates on January 1, 2024.) The bill requires the Office of the U.S. Trade Representative (USTR) to carry out a public comment period regarding which products of Russia or Belarus are also produced in the United States and, for each product, the ability of U.S. producers to increase production in order to meet U.S. demand. If the USTR determines that U.S. producers have the ability to increase production to meet U.S. demand for a product, then the USTR must notify Congress and indicate whether the President will proclaim an increase in the rate of duty applicable to products of Russia or Belarus. If the President will not proclaim such an increase, then the USTR must explain the reasoning for the decision.