“A bill to impose additional duties on goods imported into the United States to eliminate the deficit in trade in goods.”
No CRS summary available for this bill.
This section establishes congressional findings that persistent bilateral deficits in trade in goods undermine U.S. national security, foreign policy, and economic interests. It asserts Congress's constitutional authority to set standards, limitations, and procedures for imposing additional duties to address such deficits.
This section defines "trade deficit economy" as a trading partner designated under section 4(a)(2), "Trade Representative" as the United States Trade Representative, and "trading partner" as any country, economy, customs territory, or customs union enforcing separate duty rates or foreign commerce regulations.
This section requires the Trade Representative to determine, not later than 30 days after enactment and annually on April 1 thereafter, whether the United States has a bilateral goods trade deficit with each trading partner, designate those partners as trade deficit economies, and publish the list and deficit amounts (rounded to the nearest millionth dollar) in the Federal Register. Determinations must use the most recent finalized calendar-year data available as of January 31.
This section authorizes the United States Trade Representative, subject to presidential direction, to impose, increase, decrease, suspend, or modify duties on articles imported from trade deficit economies within 15 days after publication of the required list, in amounts necessary to eliminate the bilateral goods trade deficit with that economy. It requires prior consultation with the House Committee on Ways and Means and the Senate Committee on Finance, permits exemptions for articles that would disrupt critical supplies or national security or that cannot be sourced domestically or elsewhere, and provides that any such duties are in addition to existing duties.
This section authorizes the United States Trade Representative to negotiate bilateral trade agreements with trade deficit economies to reduce the bilateral goods trade deficit. Any such agreement must include commitments by the trade deficit economy to correct contributing policies and practices, purchase United States goods, or restrain exports to the United States.
This section limits the authority of the President and the Trade Representative to only the authority expressly delegated by Congress in this Act, and requires that such authority be exercised only in accordance with the standards, procedures, and limitations established by this Act.