United States Reciprocal Trade Act

The United States Reciprocal Trade Act would grant the President new authority to address what the bill characterizes as unfair trade practices. Specifically, if a foreign country applies higher tariffs or other trade restrictions on U.S. goods than the United States applies to that country's goods, the President could negotiate for tariff reductions or impose additional duties on imports from that country. This authority would last for three years and could be renewed for another three-year period.

The bill includes several congressional safeguards. The President would be required to consult with and notify Congress before increasing tariffs under this authority. Additionally, Congress could overturn any tariff increase through a joint resolution of disapproval. The President would also be required to end any tariff increases if the foreign country no longer maintains the higher rates or restrictions, or if the increase is no longer deemed in U.S. interests.

If enacted, this bill could affect prices on imported goods for American consumers and businesses, depending on which countries face tariff increases and which products are affected. The bill is currently in committee and has not yet been voted on by the full House.