H.R. 2464: Repealing Outdated and Unilateral Tariff Authorities Act

This bill, known as the "Repealing Outdated and Unilateral Tariff Authorities Act," proposes to repeal a specific provision of U.S. tariff law established in 1930. Here is a breakdown of what this entails:

Overview of the Bill

- The primary action of the bill is the repeal of **Section 338 of the Tariff Act of 1930**.- This section of the law currently allows for certain unilateral tariff actions that may not comply with contemporary trade practices and norms.

Rationale for the Repeal

- The bill is based on the belief that the provisions in Section 338 are outdated and do not reflect current economic and trade realities.- Proponents argue that removing these outdated provisions could modernize U.S. trade policy and facilitate better international trade relations.

Potential Impact

- Repealing this section could prevent the government from taking unilateral tariff actions that could lead to trade disputes or retaliatory tariffs from other countries.- This change is aimed at aligning U.S. trade laws with more cooperative and multilateral approaches to international trade.

Bill's Legislative Process

- The bill was introduced in the U.S. House of Representatives by Mr. Schneider and several co-sponsors, with subsequent referral to the Committee on Ways and Means for review and discussion.

Key Terms

- **Tariff**: A tax imposed on imported goods.- **Unilateral Action**: A decision taken by one party without the agreement of others, often in the context of international trade.

Conclusion of the Legislation

- If passed, the repeal would mean that Section 338 of the Tariff Act, which is seen as an archaic mechanism for tariff imposition, would no longer be in effect.

Relevant Companies

None found.