S 4049 — Reclaim Trade Powers Act

Summary

Reclaim Trade Powers ActThis bill repeals the statute that directs the President to take certain actions, such as imposing a tariff of up to 15% for up to 150 days on articles imported into the United States, when necessary to address large and serious U.S. balance-of-payments deficits or certain other situations that present fundamental international payments problems.

Bill Text

• Introduced Introduced in Senate Current html March 11, 2026

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill repeals the balance-of-payments authority as outlined in 19 U.S.C. § 2132.

• 19 U.S.C. § 2132

  (a) Presidential proclamations of temporary import surcharges and temporary limitations on imports through quotas in situations of fundamental international payments problemsWhenever fundamental international payments problems require special import measures to restrict imports—(1) to deal with large and serious United States balance-of-payments deficits.(2) to prevent an imminent and significant depreciation of the dollar in foreign exchange markets, or(3) to cooperate with other countries in correcting an international balance-of-payments disequilibrium,the President shall proclaim, for a period not exceeding 150 days (unless such period is extended by Act of Congress)—(A) a temporary import surcharge, not to exceed 15 percent ad valorem, in the form of duties (in addition to those already imposed, if any) on articles imported into the United States;(B) temporary limitations through the use of quotas on the importation of articles into the United States; or(C) both a temporary import surcharge described in subparagraph (A) and temporary limitations described in subparagraph (B).The authority delegated under subparagraph (B) (and so much of subparagraph (C) as relates to subparagraph (B)) may be exercised (i) only if international trade or monetary agreements to which the United States is a party permit the imposition of quotas as a balance-of-payments measure, and (ii) only to the extent that the fundamental imbalance cannot be dealt with effectively by a surcharge proclaimed pursuant to subparagraph (A) or (C). Any temporary import surcharge proclaimed pursuant to subparagraph (A) or (C) shall be treated as a regular customs duty...(e) Broad and uniform application of import restricting actionsImport restricting actions proclaimed pursuant to subsection (a) shall be of broad and uniform application with respect to product coverage except where the President determines, consistently with the purposes of this section, that certain articles should not be subject to import restricting actions because of the needs of the United States economy. Such exceptions shall be limited to the unavailability of domestic supply at reasonable prices, the necessary importation of raw materials, avoiding serious dislocations in the supply of imported goods, and other similar factors. In addition, uniform exceptions may be made where import restricting actions will be unnecessary or ineffective in carrying out the purposes of this section, such as with res

  This repeal eliminates the President's authority to impose temporary import surcharges and quotas due to balance-of-payments problems.

• 19 U.S.C. § 2137(b)

  (and from any action under section 122(c))

  This change removes the reference to the now-repealed balance-of-payments authority in section 2137(b).

Action History

1. March 11, 2026

   Introduced in Senate

2. March 11, 2026

   Read twice and referred to the Committee on Finance.

Sponsors

• Raphael G. Warnock · Cosponsor
• Ron Wyden · Cosponsor
• King, Angus S., Jr. · Cosponsor
• Christopher A. Coons · Cosponsor
• Peter Welch · Cosponsor
• Mark R. Warner · Cosponsor
• Chris Van Hollen · Cosponsor
• Amy Klobuchar · Cosponsor
• Jacky Rosen · Cosponsor
• Angela D. Alsobrooks · Cosponsor
• Martin Heinrich · Cosponsor
• Patty Murray · Cosponsor
• Richard J. Durbin · Cosponsor
• Adam B. Schiff · Cosponsor
• Jeanne Shaheen · Cosponsor
• Tim Kaine · Primary

Subjects