Truth, Transparency, Accountability, and Fairness in Trade Act

Truth, Transparency, Accountability, and Fairness in Trade Act

This bill amends the Trade Act of 1974 to require the Department of Labor to make a joint annual report to Congress with the U.S. International Trade Commission on the operation of the trade agreements program during the preceding calendar year, including specified information about each free trade agreement in effect.

Any free trade agreement or portion of it that provides for the termination of portions shall cease to be effective with respect to the United States if annual reports on it show as a result of the agreement or a portion of it any:

• export disruption (declining U.S. exports to, and rising U.S. imports from, a country party to the agreement), either overall or for a specific commodity or industry, in three consecutive calendar years or in three calendar years during a consecutive five-calendar year period;
• labor disruption (an increase of 5% or more in the number of applications for adjustment assistance for workers and firms), either overall or with respect to a specific good or industry, in each of three consecutive calendar years or in each of three calendar years during a consecutive five-calendar year period; or
• trade balance disruption (an increase of 5% or more in the U.S. trade deficit in goods with respect to a country party to the agreement) in each of three consecutive calendar years or in each of three calendar years during a consecutive five-calendar year period.

A termination bill, relating to such circumstances, must be enacted into law to effect a termination of the free trade agreement or a portion of it.

Fast track procedures are prescribed for congressional consideration of a termination bill.

The United States Trade Representative shall:

• take specified enforcement actions against any country party to a free trade agreement if it has implemented a tariff or nontariff barrier by reason of enactment into law of a bill terminating the agreement in whole or in part, and
• ensure that any free trade agreement entered into on or after enactment of this Act is negotiated in a form that provides for the termination with respect to the United States of specific portions of it.