H.R.1743 - Undertaking Negotiations on Investment and Trade for Economic Dynamism Act; UNITED Act (119th Congress)
Summary
H.R. 1743, also known as the UNITED Act, seeks to grant the President the authority to enter into a comprehensive trade agreement with the United Kingdom. The bill outlines the sense of Congress regarding the importance of open trade and investment relationships with allies. It emphasizes the unique opportunity presented by the special relationship between the United States and the United Kingdom.
Expected Effects
If enacted, this bill would allow the President to negotiate and implement a trade agreement with the UK, potentially reducing or eliminating tariffs and nontariff barriers. This could lead to increased trade, investment, and economic cooperation between the two countries. The bill also sets parameters for these negotiations, including consultation with Congress and adherence to certain trade standards.
Potential Benefits
- Increased export opportunities for US businesses of all sizes.
- Strengthened economic and strategic relationship with a key ally.
- Potential for more resilient supply chains.
- Enhanced collaboration in emerging technologies.
- Improved economic prospects for people in both countries.
Potential Disadvantages
- Potential negative impacts on specific US industries due to increased competition.
- Risk of job displacement in certain sectors.
- Possible lowering of standards to align with the UK, although the bill aims for high standards.
- The agreement could be terminated without congressional approval.
- Potential impact on the Good Friday Agreement if not carefully managed.
Constitutional Alignment
The bill aligns with the Constitution's delegation of power to Congress to regulate commerce with foreign nations (Article I, Section 8, Clause 3). It also respects the President's role in foreign affairs, while ensuring congressional oversight through consultation and approval processes. The bill includes provisions for congressional review and approval of any trade agreement, ensuring that the legislative branch retains its constitutional authority over trade policy.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).