No CRS summary available for this bill.
This section defines key terms—including "prohibited property" as any port, harbor, or marine terminal (including relevant infrastructure such as docks, conveyors, and storage facilities) in a covered foreign trade partner (i.e., a Western Hemisphere country with a U.S. free trade agreement) that is accessible only through land owned or controlled by a U.S. person and nationalized, expropriated, or seized by that government on or after January 1, 2024—and requires the Secretary of Homeland Security, in consultation with and with the concurrence of the Secretaries of the Treasury and State, to identify and designate all such property, notify relevant agencies and congressional committees, and publish the list in the Federal Register not later than 60 days after enactment. The section further prohibits, by presidential action, any vessel loaded or previously held at designated prohibited property from (1) importing or releasing goods into the United States; (2) docking a passenger vessel (i.e., one authorized to carry 149 or more passengers with sleeping facilities) in the United States or releasing its passengers into the United States; or (3) undergoing dry docking, repairs, refurbishing, refueling, or other maintenance in the United States.
This section expands the definition of unreasonable foreign acts, policies, or practices under Section 301 of the Trade Act of 1974—authorizing the U.S. Trade Representative to investigate and respond to practices that deny U.S. rights under trade agreements or unjustifiably burden U.S. commerce—to include, with respect to assets of a U.S. person, (1) direct or indirect expropriation or nationalization, (2) arbitrary or capricious treatment, (3) denial of due process, or (4) discrimination on the basis of nationality.