Reclaim Trade Powers Act

The Reclaim Trade Powers Act would repeal an existing law that grants the President authority to take certain trade actions, including imposing tariffs of up to 15 percent on imported goods for up to 150 days. This authority is triggered when the President determines that the United States faces large and serious balance-of-payments deficits or other fundamental international payment problems.

If enacted, this bill would remove the President's ability to unilaterally impose these temporary tariffs without additional congressional approval. This means that future trade actions addressing payment imbalances would require separate legislation or other existing trade authorities rather than relying on this particular statute. The practical effect would be to shift trade policy decisions back toward Congress and away from executive branch discretion in this specific area.