United States Reciprocal Trade Act

Hozzl · 2025-02-22T08:08:24Z

Explore the details of House Bill 735 United States Reciprocal Trade Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/22/2025, 8:08 AM

Summary of Bill HR 735

Bill 119 hr 735, also known as the "Reciprocal Trade Act," authorizes the President to take specific actions related to reciprocal trade agreements with other countries. The purpose of this bill is to ensure that the United States is able to negotiate fair and balanced trade deals that benefit American workers and businesses.

Under this legislation, the President is given the authority to impose tariffs or other trade restrictions on countries that engage in unfair trade practices, such as imposing high tariffs on American goods or engaging in intellectual property theft. The bill also allows the President to negotiate reciprocal trade agreements with other countries in order to promote free and fair trade.

Overall, the Reciprocal Trade Act aims to give the President the tools necessary to protect American interests in the global marketplace and ensure that trade agreements are mutually beneficial for all parties involved. This bill is currently being debated in Congress and has garnered support from both Democrats and Republicans who believe in the importance of fair trade practices.

Congressional Summary of HR 735

United States Reciprocal Trade Act

This bill expands presidential trade authorities.

The bill allows the President, in certain circumstances, to (1) negotiate with a foreign country for tariff reductions on exported U.S. goods, or (2) impose additional duties on imported goods. Specifically, the President may take these actions if it is determined that the country (1) when importing a good from the United States, applies a higher rate of duty on that good than the rate imposed by the United States when the good is imported from that country; or (2) similarly imposes other, nontariff trade restrictions on that good. This authority shall be effective for three years, subject to a three-year renewal.

The President must terminate a rate of duty increase under this bill if the country no longer applies such higher rates or nontariff trade restrictions, or if the higher rate is no longer in the interest of the United States.

The bill also requires the President to consult with and notify Congress regarding the intention of the President to increase a rate of duty on imported goods.

Congress may nullify a rate of duty increase implemented under this bill through a joint resolution of disapproval.

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Current Status of Bill HR 735

Bill HR 735 is currently in the status of Bill Introduced since January 24, 2025. Bill HR 735 was introduced during Congress 119 and was introduced to the House on January 24, 2025. Bill HR 735's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of January 24, 2025