Reclaim Trade Powers Act

This bill would remove a President’s power to quickly add extra fees (tariffs) on imported goods to fix certain money-flow problems with other countries. Today, that power allows short-term import surcharges of up to 15% for up to 150 days during serious U.S. balance‑of‑payments troubles; this bill repeals that authority so it can’t be used anymore. It does this by repealing Section 122 of the Trade Act of 1974, which is the law that currently allows those temporary import surcharges.

In everyday terms, this could make sudden, short-term tariffs on many imports less likely, which might reduce surprise price jumps at stores. But it also means one less tool for the government to respond quickly to certain international payment problems.

• Who is affected: Shoppers and businesses that buy imported goods; importers and retailers.
• What changes: The President would no longer be able to impose these short-term, across-the-board import surcharges for balance‑of‑payments crises by using the repealed authority.
• When: The change takes effect when the bill becomes law (by repealing the existing section).