Sponsors (16)
The bill removes the President's temporary import-surcharge/quota authority, trading shorter-term price stability and clearer statutory text for reduced executive flexibility to respond quickly to severe trade or currency shocks and potentially less negotiating leverage in trade talks.
U.S. consumers, importers, and small businesses will generally face lower prices and more stable access to imported goods because the President can no longer impose up to 15% temporary surcharges or quotas, reducing the risk of sudden trade restrictions that disrupt supply chains.
Federal agencies and Congress gain clearer, simpler trade statutes because the bill removes an obsolete cross-reference, making administration and oversight of trade law easier.
Taxpayers and the government lose a rapid executive tool to address severe balance-of-payments or currency crises because removal of the temporary surcharge/quota authority limits the ability to respond quickly to acute trade or currency shocks.
Policymakers and businesses may face slower and more politically fraught responses to sudden import surges, since immediate presidential measures are no longer available and response may require longer legislative or administrative processes.
U.S. negotiators may have reduced leverage in trade talks because temporary import measures can no longer be used as bargaining chips, which could weaken outcomes for some domestic industries.
Based on analysis of 4 sections of legislative text.
Repeals the statute that authorized the President to impose temporary import surcharges or quotas for balance-of-payments problems and removes a related cross-reference in trade law.
Introduced March 11, 2026 by Timothy Michael Kaine · Last progress March 11, 2026
Repeals the federal statute that lets the President impose temporary import surcharges (up to 15% ad valorem), quotas, or both to address balance-of-payments problems and removes a related cross-reference in trade law. The change eliminates that specific presidential balance-of-payments import authority while leaving other trade authorities unchanged on their face.