To decrease dependency on People's Republic of China manufacturing and decrease migration due to lost regional economic opportunities.
Western Hemisphere Nearshoring Act
This bill provides assistance for corporations to move operations from China to countries in Latin America or the Caribbean and addresses related issues.
For example, the bill requires the U.S. International Development Finance Corporation to provide financing and other assistance to eligible corporations for costs associated with such a move. Tariffs collected for goods manufactured in China shall be used to pay for such assistance.
The President may provide preferential treatment, including duty-free treatment, for goods produced in a Latin American or Caribbean country by a corporation that received relocation assistance under this bill.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line