Summary

Ends a law that let the President unilaterally take short‑term trade actions during a balance‑of‑payments emergency. Specifically, it removes authority to impose temporary import surcharges or quotas for that reason without new legislation. It does not create any new programs, spending, or taxes. Other trade tools authorized under different laws remain unchanged. No effective date is specified in the text.

Key Points

• Repeals the President’s balance‑of‑payments trade authority in existing law.
• Eliminates the ability to impose temporary import surcharges or quotas solely for balance‑of‑payments reasons without new legislation.
• Leaves other trade authorities (such as national security, safeguards, and unfair trade remedy laws) untouched.
• Makes no immediate changes to current tariffs or import rules.
• Creates no new programs, spending, or taxes.
• Applies broadly across trade policy but has limited day‑to‑day impact unless such authority would have been invoked.
• Shifts more control to Congress or to other, more specific statutes for future trade actions.
• No effective date is specified in the text.