H.R. 3292: Reviewing Economic and Protection Objectives for Reciprocal Tariffs Act

This bill, titled the "Reviewing Economic and Protection Objectives for Reciprocal Tariffs Act," aims to increase transparency in the process of modifying tariffs on imported goods. Here are the main points of what the bill entails:

Objective

The primary objective of the bill is to ensure that any increase or decrease in tariffs on imported articles is justified and publicly communicated.

Public Notice Requirements

• Before any changes to tariffs—whether an increase or decrease—can take effect, the President is required to publish a notice in the Federal Register.
• This notice must be published no later than 48 hours prior to the changes taking effect.
• The notice must include:
  • The determination of the tariff modification.
  • A detailed justification for the modification.

Briefing Requirements

• Within 7 days of the President making a determination regarding tariff modifications, the United States Trade Representative must provide a briefing to two key committees:
  • The Committee on Ways and Means of the House of Representatives
  • The Committee on Finance of the Senate
• This briefing must include the details of the determination and the justification for it.

By implementing these requirements, the bill seeks to enhance the accountability of tariff modifications and ensure that there is a clear rationale for any changes that could impact trade and the economy.

Relevant Companies

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