H.R. 2665: Trade Review Act of 2025

The Trade Review Act of 2025 is a proposed piece of legislation aimed at modifying the process through which duties (taxes on imports) are imposed or increased on imported goods. Below are the main components of the bill:

Notification Requirement

The bill requires the President to notify Congress within 48 hours if a duty is imposed or increased on imported items. This notification must include:

• An explanation of the reasons behind imposing or increasing the duty.
• An assessment of the potential impact this duty may have on U.S. businesses and consumers.

Duration of Duties

Any duty imposed under this bill will remain in effect for no longer than 60 days unless Congress passes a joint resolution of approval allowing the duty to continue. This means that if Congress does not approve the duty within this timeframe, it will automatically expire.

Congressional Disapproval

If Congress does not agree with the imposed duty, they can enact a joint resolution of disapproval, which would terminate the duty immediately.

Exclusions

The provisions of this bill do not apply to antidumping and countervailing duties. These are specific types of duties meant to protect U.S. industries from foreign competition that sells goods at prices below fair market value or receives government subsidies.

Joint Resolutions

The bill provides definitions and outlines the process for introducing both joint resolutions of approval and disapproval in either House of Congress:

• A joint resolution of approval must simply state that Congress approves the specified duty.
• A joint resolution of disapproval must state that Congress disapproves the duty.

These resolutions can be introduced by any member of Congress within the designated time frames.

Expedited Procedures

Expedited procedures from existing laws will apply to the joint resolutions of approval and disapproval, ensuring that Congress can act swiftly on these matters.

Rules of the Senate and House

The bill also clarifies that it will be incorporated into the rule-making procedures of both the Senate and the House of Representatives, allowing for flexibility in how these resolutions are processed while maintaining the constitutional right of either House to change their own rules.

Clerical Amendment

Finally, the bill proposes an amendment to the table of contents for the Trade Act of 1974 by adding a new section that refers to this new process for reviewing the imposition of duties.

Relevant Companies

• AMZN (Amazon.com, Inc.) - As a major importer of goods, changes in duties could affect pricing strategies and costs.
• WMT (Walmart Inc.) - Similar to Amazon, Walmart may see impacts on the prices of imported goods it sells, which could affect profit margins.
• AAPL (Apple Inc.) - As a company that imports electronic products and components, Apple could be affected by new tariffs on these items, potentially influencing product pricing and sales strategies.