Bill > HR2459

This bill, known as the "Reclaim Trade Powers Act," seeks to eliminate a specific provision in the Trade Act of 1974 that currently allows the imposition of import surcharges as a means to address balance of payments deficits. Specifically, the bill proposes to repeal Section 122 of the Trade Act of 1974, which is codified under 19 U.S.C. 2132. A balance of payments deficit occurs when a country imports more goods and services than it exports, potentially leading to economic challenges. By removing this authority, the bill would prevent the government from implementing import surcharges as a tool to manage trade imbalances, potentially reducing the executive branch's flexibility in trade policy but also potentially promoting more free trade practices. The bill is concise, with two sections: the first establishing its short title and the second directly addressing the repeal of the existing legislative provision.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2459/all-info