H.R. 2842: Stop Raising Prices on Food Act

This bill, known as the Stop Raising Prices on Food Act, proposes to limit the President's authority to impose new tariffs or increase existing tariffs on agricultural goods imported from certain major trading partners of the United States. The main points of the bill are as follows:

Definition of Covered Countries

The bill designates a "covered country" as one of the five countries that import the highest volume of U.S. agricultural goods in the previous fiscal year. For this purpose, the European Union and its member countries are treated as a single entity.

Definition of Covered Duties

A "covered duty" refers to tariffs established under specific laws, which include:

• Section 232 of the Trade Expansion Act of 1962
• Section 338 of the Tariff Act of 1930
• Trading with the Enemy Act
• International Emergency Economic Powers Act

Proclamation of New or Increased Duties

The bill stipulates that the President can only impose new or additional tariffs on imports from covered countries if:

1. The President submits a request to Congress for authorization, which must include:
   • A description of the objectives the President aims to achieve with the new duties
   • An explanation of why those objectives cannot be met through other diplomatic measures
   • An assessment of the expected impact on the U.S. agricultural economy
2. A joint resolution of approval to the proposed duties is enacted into law.

Joint Resolution of Approval

A joint resolution of approval means that Congress must formally authorize the President’s proposed tariff changes. This resolution can be introduced by any member of Congress during a specific time frame after the President submits the request. The bill outlines expedited procedures for handling such resolutions.

Rules of Procedure

The provisions regarding joint resolutions are part of the legislative rules of both the House of Representatives and the Senate, which may change the rules as necessary.

Summary of Impact

Overall, this legislation seeks to provide Congress with a greater role in the approval process for tariffs on agricultural imports from key trading partners, potentially reducing the President's ability to unilaterally impose tariffs that could affect food prices.

Relevant Companies

None found