Sponsors (16)
Removing an obsolete balance-of-payments tariff authority simplifies trade law and reduces the risk of sudden tariff actions for importers, but it also eliminates an emergency tool to protect domestic industries and could delay government responses unless Congress restores authority in a crisis.
Importers and U.S. businesses (including small businesses) face reduced risk of sudden balance-of-payments tariffs or import restrictions because the statutory authority for such emergency measures is removed.
Companies, lawyers, and state governments benefit from simpler, clearer trade law because an obsolete authority and cross-reference errors are removed.
Domestic industries and the public lose a statutory emergency tool to address sudden balance-of-payments crises, reducing policymakers' options to protect industries or stabilize currency in emergencies.
If a balance-of-payments emergency occurs, Congress would have to pass new legislation to restore authority, causing potential delays in urgent trade responses.
Some domestic producers who relied on past balance-of-payments measures could lose a protective remedy against import surges, leaving them more exposed to competition.
Based on analysis of 4 sections of legislative text.
Repeals the statute authorizing presidential balance-of-payments trade actions under the Trade Act of 1974 and updates related cross-references.
Repeals the statutory authority that allowed the President to take balance-of-payments trade actions under the Trade Act of 1974 and makes a small conforming change to related cross-references. The bill removes a specific legal tool that the executive branch could use to impose tariffs or other import restrictions in response to balance-of-payments problems, and does not create new programs or funding.
Introduced March 11, 2026 by Timothy Michael Kaine · Last progress March 11, 2026