Bill > S2409

This bill, the United States Reciprocal Trade Act, would authorize the President to take certain actions to address trade imbalances with foreign countries. The key provisions are: 1. It would allow the President to negotiate agreements with foreign countries to reduce tariffs or non-tariff barriers that are significantly higher on U.S. goods than the U.S. imposes on goods from those countries. 2. If negotiations are unsuccessful, the President could impose tariffs on imports from those countries that match their tariffs or the effective rate of their non-tariff barriers on U.S. goods. 3. The President must provide notice and seek advice before imposing any new tariffs, and the U.S. Trade Representative must submit a report on the potential impact of any new trade agreements. 4. Congress could pass a "disapproval resolution" to block the President from imposing new tariffs under this authority. 5. The President's authority to impose new tariffs would expire after 3 years, but could be extended for another 3 years unless Congress passes a disapproval resolution. The goal of the bill is to encourage U.S. trading partners to lower their tariffs and non-tariff barriers on U.S. exports, in order to promote more fair and reciprocal trade.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/2409/all-info