Countering Economic Coercion Act of 2023

Countering Economic Coercion Act of 2023

This bill authorizes the President to take certain actions to assist foreign trading partners affected by economic coercion and penalize foreign adversaries. Economic coercion refers to actions, practices, or threats undertaken by a foreign adversary to unreasonably restrain, obstruct, or manipulate trade, foreign aid, investment, or commerce with the intent to cause economic harm to achieve strategic political objectives or influence sovereign political actions.

Specifically, the bill authorizes the President (upon a determination that a foreign trading partner is subject to economic coercion) to exercise specified authorities to support or assist the foreign trading partner. These authorities include, among others, decreasing duties or modifying tariff-rate quotas on imports from the foreign trading partner, requesting appropriations for foreign aid, and expediting export licensing decisions and regulatory processes.

Further, the bill authorizes the President to exercise specified authorities to penalize a foreign adversary engaged in economic coercion. The authorities include increasing duties and modifying tariff-rate quotas.

The bill outlines consultation and notification requirements. It also provides a process for an expedited determination regarding economic coercion.

Any determination of economic coercion must be revoked at the earliest of (1) two years from the date of determination, (2) upon a joint resolution of disapproval, or (3) when the President revokes the determination.

The bill also directs the President to endeavor to coordinate with other foreign trading partners to broaden economic support for the foreign trading partner and condemn the actions of the foreign adversary.

Bill 118 hr 1135, also known as the Countering Economic Coercion Act of 2023, is a piece of legislation introduced in the US Congress aimed at addressing economic coercion tactics used by foreign governments. The bill seeks to protect American businesses and workers from unfair trade practices and economic pressure imposed by other countries.

The main provisions of the bill include the establishment of a new office within the Department of Commerce dedicated to monitoring and responding to instances of economic coercion. This office would work closely with other government agencies to develop strategies for countering these tactics and protecting US economic interests.

Additionally, the bill calls for increased coordination with US allies and partners to address economic coercion on a global scale. This includes working together to identify and respond to instances of unfair trade practices and other forms of economic pressure. Overall, the Countering Economic Coercion Act of 2023 aims to strengthen the US government's ability to protect American businesses and workers from the harmful effects of economic coercion. By promoting cooperation with allies and developing effective strategies for countering these tactics, the bill seeks to safeguard US economic interests and ensure a level playing field for American companies in the global marketplace.