S. 348: Stopping Tariffs on Allies and Bolstering Legislative Exercise of Trade Policy Act

This bill, known as the Stopping Tariffs on Allies and Bolstering Legislative Exercise of Trade Policy Act (STABLE Trade Policy Act), aims to limit the authority of the President of the United States regarding the imposition of new tariffs on imports from countries that are allies or have free trade agreements with the U.S.

Key Provisions

1. Definition of Covered Countries

Under this bill, a "covered country" is defined as any of the following:

• A member country of the North Atlantic Treaty Organization (NATO)
• A country designated as a major non-NATO ally
• A country that has a free trade agreement with the United States

2. Definition of Covered Duties

A "covered duty" refers to tariffs imposed under specific U.S. laws including:

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

3. Limitation on Presidential Authority

The bill states that the President can only impose new or additional tariffs on products imported from covered countries if:

• The President submits a request for authorization to Congress that includes:
• A description of the objective behind the proposed tariff
• An explanation of why these objectives cannot be achieved through diplomatic means or other mechanisms
• An assessment of the potential impacts on U.S. foreign policy and national security
• An assessment of the likely economic impact on the U.S. economy and relevant industries
• A joint resolution of approval from Congress is enacted into law.

4. Joint Resolution of Approval

A "joint resolution of approval" means that Congress must pass a specific resolution allowing the imposition of the tariff as per the President's request.

• This resolution can be introduced in either house of Congress within 15 legislative days after the President's request.
• The bill outlines expedited procedures for this resolution, applying similar rules to those used for other types of resolutions in Congress.

Impact on Tariffs

Overall, if enacted, this legislation would create a more rigorous process for the imposition of tariffs on products imported from designated allied countries, requiring greater accountability and justification from the President. It aims to ensure that Congress is involved in decisions regarding tariffs that could affect allied nations.

Relevant Companies

None found.