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Countering Economic Coercion Act of 2023
12/15/2023, 4:05 PM
Summary of Bill S 295
The main provisions of the bill include measures to enhance the ability of the US government to identify and respond to instances of economic coercion, such as unfair trade barriers, intellectual property theft, and currency manipulation. The bill also calls for the establishment of a task force to monitor and assess the impact of economic coercion on US businesses and industries.
Additionally, the Countering Economic Coercion Act of 2023 includes provisions to strengthen enforcement mechanisms and penalties for countries found to be engaging in economic coercion against the United States. This may include the imposition of sanctions, tariffs, or other trade restrictions in response to unfair trade practices. Overall, the goal of Bill 118 s 295 is to protect American businesses and industries from the harmful effects of economic coercion and ensure a level playing field in international trade. The bill is currently being debated in Congress and may undergo revisions before being voted on for passage.
Congressional Summary of S 295
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.
