S.776 - Undertaking Negotiations on Investment and Trade for Economic Dynamism Act; UNITED Act (119th Congress)
Summary
S.776, the UNITED Act, aims to authorize the President to enter into a comprehensive trade agreement with the United Kingdom. The bill expresses the sense of Congress that closer trade and investment ties with allies like the UK would benefit the US economy. It outlines negotiating objectives and requires consultation with Congress throughout the negotiation process.
Expected Effects
If enacted, this bill would grant the President authority to negotiate and implement a trade agreement with the UK until March 1, 2029. This could lead to reduced tariffs and non-tariff barriers, potentially increasing trade and investment between the two countries. The bill also emphasizes the importance of aligning trade policy with congressional priorities and adhering to existing agreements like the Good Friday Agreement.
Potential Benefits
- Increased export opportunities for US businesses of all sizes.
- Potential strengthening of the economic and strategic relationship with the United Kingdom.
- Enhanced resilience of critical supply chains.
- Setting high international standards in areas like labor rights and environmental protection, building on the USMCA.
- Potential for economic growth and job creation through increased trade and investment.
Potential Disadvantages
- Potential negative impacts on specific domestic industries that may face increased competition from UK imports.
- Risk of regulatory arbitrage if UK standards are lower than US standards in certain areas.
- Possible job displacement in sectors affected by increased imports.
- The agreement could be waived, suspended, or terminated without express congressional approval.
- The bill grants significant authority to the President, potentially diminishing Congressional oversight.
Constitutional Alignment
The bill appears to align with the Constitution, particularly Article I, Section 8, which grants Congress the power to regulate commerce with foreign nations. However, the delegation of authority to the President requires careful consideration to ensure Congress retains sufficient oversight. The bill includes provisions for congressional consultation and approval, which helps to maintain this balance. The bill also respects existing agreements, such as the Good Friday Agreement, demonstrating consideration for international obligations.
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).