Bill Summary
This proposed bill, titled the "Assistance for Firms Harmed by Tariffs on Exports Act," seeks to amend the Trade Act of 1974 in order to provide assistance to firms that have been negatively affected by reduced exports resulting from retaliatory tariffs imposed by foreign countries in response to increased tariffs by the United States. The bill recognizes the potential negative impact on employment and the economy and aims to provide adjustment assistance to these affected firms. It also amends a section of the Trade Act to include the decrease in exports as a result of these tariffs as a potential contributor to the need for assistance.
Possible Impacts
1. If a firm is impacted by increased tariffs on their exports, they may be eligible for adjustment assistance under this legislation. This could affect the firm by providing them with financial support or resources to help them adapt to the changes in trade policy and potentially mitigate any negative effects on their business.
2. Workers employed by firms that are impacted by increased tariffs may also be affected. If the firm experiences a decline in sales or production, workers may face layoffs or reduced hours, potentially leading to financial hardship for themselves and their families.
3. The legislation recognizes that trade policy decisions made by the government can have wide-reaching effects on the economy and individuals. By acknowledging this and providing assistance to those negatively impacted, it shows a level of responsibility and consideration for the well-being of citizens.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6124 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 6124
To amend the Trade Act of 1974 to provide adjustment assistance to
firms adversely affected by reduced exports resulting from tariffs
imposed as retaliation for United States tariff increases, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 5, 2020
Mr. Schneider (for himself, Mr. Sensenbrenner, and Mr. Cooper)
introduced the following bill; which was referred to the Committee on
Ways and Means
_______________________________________________________________________
A BILL
To amend the Trade Act of 1974 to provide adjustment assistance to
firms adversely affected by reduced exports resulting from tariffs
imposed as retaliation for United States tariff increases, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Assistance for Firms Harmed by
Tariffs on Exports Act''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) In recognition that trade policy can result in
disparate and disruptive changes to the economy, the Trade
Adjustment Assistance program was enacted to help workers
adversely impacted by the trade policy decisions of the Federal
Government.
(2) The Trump Administration has made clear that it intends
to aggressively use Federal trade statutes, including section
232 of the Trade Expansion Act of 1962 (19 U.S.C. 1862) and
section 301 of the Trade Act of 1974 (19 U.S.C. 2411), and
potentially the International Emergency Economic Powers Act
(Public Law 95-223), to increase tariffs on selected imports.
(3) Foreign countries affected by such tariff increases
have, as of the date of the enactment of this Act, already
raised tariffs on United States exports or have indicated that
they intend to respond by raising tariffs on such exports.
(4) Increased tariffs on such exports threaten to reduce
employment in affected sectors of the United States economy.
(5) Firms adversely impacted by these effects deserve
adjustment assistance.
SEC. 3. ADJUSTMENT ASSISTANCE FOR FIRMS.
Subparagraph (C) of section 251(c)(1) of the Trade Act of 1974 (19
U.S.C. 2341) is amended to read as follows:
``(C) either--
``(i) increases of imports of articles or services
like or directly competitive with articles which are
produced or services which are supplied by such firm
contributed importantly to such total or partial
separation, or threat thereof, and to such decline in
sales or production; or
``(ii)(I) exports of articles or services produced
or supplied by such firm have decreased as a result, in
whole or in part, from tariffs imposed on such exports
by a foreign country in response to United States
tariffs imposed on the imports of such country pursuant
to an action taken under the authority of--
``(aa) section 232 of the Trade
Expansion Act of 1962 (19 U.S.C. 1862);
``(bb) section 301 of the Trade Act
of 1974 (19 U.S.C. 2411); or
``(cc) the International Emergency
Economic Powers Act (Public Law 95-
223); and
``(II) the decrease in such exports contributed
importantly to such total or partial separation, or
threat thereof, and to such decline in sales or
production.''.
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