This bill expands presidential trade authorities.
The bill allows the President, in certain circumstances, to (1) negotiate with a foreign country for tariff reductions on exported U.S. goods, or (2) impose additional duties on imported goods. Specifically, the President may take these actions if it is determined that the country (1) when importing a good from the United States, applies a higher rate of duty on that good than the rate imposed by the United States when the good is imported from that country; or (2) similarly imposes other, nontariff trade restrictions on that good. This authority shall be effective for three years, subject to a three-year renewal.
The President must terminate a rate of duty increase under this bill if the country no longer applies such higher rates or nontariff trade restrictions, or if the higher rate is no longer in the interest of the United States.
The bill also requires the President to consult with and notify Congress regarding the intention of the President to increase a rate of duty on imported goods.
Congress may nullify a rate of duty increase implemented under this bill through a joint resolution of disapproval.