S.348 - Stopping Tariffs on Allies and Bolstering Legislative Exercise of Trade Policy Act; STABLE Trade Policy Act (119th Congress)
Summary
The STABLE Trade Policy Act (S.348) aims to limit the President's authority to impose tariffs on allies and free trade agreement partners of the United States. It requires the President to seek Congressional authorization before implementing new or additional duties on imports from these countries. This bill seeks to reassert Congressional control over trade policy, specifically concerning tariffs.
Expected Effects
If enacted, the bill would shift the balance of power over trade policy from the executive to the legislative branch, at least concerning tariffs on allies. It would likely lead to fewer unilateral tariff actions by the President. It could also lead to more predictable trade relationships with allies.
Potential Benefits
- Increased Congressional Oversight: Ensures Congress has a greater role in trade policy, providing a check on executive power.
- Improved Relations with Allies: Reduces the likelihood of tariffs that could strain relationships with key allies and free trade partners.
- Economic Stability: Provides businesses with more certainty regarding trade policy, potentially encouraging investment and growth.
- Transparency: Requires the President to provide detailed justifications for proposed tariffs, increasing transparency.
- Adherence to Trade Agreements: Reinforces the importance of existing free trade agreements.
Potential Disadvantages
- Reduced Presidential Flexibility: Limits the President's ability to respond quickly to perceived unfair trade practices.
- Potential for Gridlock: Congressional approval can be slow and subject to political considerations, delaying necessary trade actions.
- Weakened Negotiating Position: Could weaken the U.S.'s negotiating position in trade talks if other countries perceive a lack of presidential authority.
- Increased Lobbying: May lead to increased lobbying efforts in Congress by industries seeking protection from imports.
- Complexity: Adds another layer of bureaucracy to trade policy decision-making.
Constitutional Alignment
The bill aligns with Article I, Section 8 of the Constitution, which grants Congress the power to regulate commerce with foreign nations. By requiring Congressional approval for tariffs, the bill reinforces this constitutional principle. It serves as a check on the executive branch's power in trade matters, ensuring that trade policy is subject to legislative oversight as intended by the framers.
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).