United States Reciprocal Trade Act

HR 735, the United States Reciprocal Trade Act, would give the President authority to impose tariffs on imports from countries that maintain higher tariffs on U.S. goods than the U.S. imposes on their goods, or that apply significant nontariff barriers. The bill requires the President to consider multiple factors before taking action, including tariff classifications, trade impacts, and competitive relationships, and mandates consultation with Congress before imposing new tariffs. It establishes a 3-year timeframe for these tariff actions with a potential 3-year extension, while providing Congress with a process to disapprove tariffs through a joint resolution requiring a two-thirds vote. The law aims to address perceived trade imbalances by promoting reciprocal trade practices between the U.S. and its trading partners.