Countering Economic Coercion Act of 2023

H.R. 1135, the Countering Economic Coercion Act of 2023, provides the President with new authorities to support foreign allies facing economic pressure or threats from adversarial nations. If a foreign partner is targeted by trade restrictions or financial manipulation intended to influence its political decisions, the President could lower U.S. tariffs on that partner’s goods, expedite export licenses, and request emergency foreign aid to offset the damage. Additionally, the bill allows the U.S. to retaliate by increasing tariffs on the country responsible for the coercion.

For everyday citizens, this bill aims to stabilize global supply chains and protect American economic interests by discouraging foreign adversaries from using trade as a political weapon. By providing a mechanism to quickly support allies, the legislation seeks to prevent sudden market disruptions that can lead to price volatility or shortages of imported goods. The bill also includes oversight measures, requiring the President to consult with Congress and limiting the duration of these emergency economic actions.