June 12, 2025
Ms. Letlow introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
To establish a Tariff Response and Damages to Exports fund, and for other purposes.
Section 1. Tariff response and damages to exports fund
(a) In general
There is established in the general fund of the Treasury a fund to be known as the Tariff Response And Damages to Exports Fund
or the TRADE Fund
. Amounts made available to such fund pursuant to subsection (b) shall be made available without subsequent appropriation or fiscal year limitation to the Secretary of Agriculture for the purposes described in subsection (c).
(b) Tariff revenues
The President may deposit into the TRADE Fund any revenues collected in the form of duties imposed on the importation of articles classified under any of chapters 1 through 24 of the Harmonized Tariff Schedule of the United States.
(c) Use of funds
The Secretary of Agriculture shall use any amounts deposited in the TRADE Fund to make payments to persons the Secretary determines are agricultural producers that have been affected by export competition, reduction in access to foreign markets, or other trade-related market disruptions, including losses the Secretary determines are due to—
(1)
decreased exports;
(2)
tariff or non-tariff barriers imposed by foreign countries; or
(3)
increases in the costs of items and goods necessary for the production of agricultural commodities and livestock.
(d) Reporting
(1) In general
Not later than 60 days after the end of each fiscal year in which a direct payment is made under this section, the Secretary of Agriculture shall submit to the appropriate congressional committees a report detailing—
(A)
the total revenues transferred into the TRADE Fund during such preceding fiscal year;
(B)
the economic impacts, as determined by the Secretary for purposes of the authority provided by subsection (c), of export competition, reduction in access to foreign markets, or other trade-related market disruptions on affected agricultural producers during such fiscal year; and
(C)
a summary of assistance provided to such producers pursuant to subsection (c).
(2) Appropriate congressional committees defined
For purposes of this subsection, the term appropriate congressional committees
means—
(A)
the Committee on Agriculture and the Committee on Appropriations of the House of Representatives; and
(B)
the Committee on Agriculture, Nutrition, and Forestry and the Committee on Appropriations of the Senate.
(e) Sunset
The authorities provided by this section shall terminate on September 30, 2030, and the unobligated balances of all amounts available in the TRADE Fund as of such date shall be permanently rescinded.