A bill to repeal section 122 of the Trade Act of 1974 relating to balance-of-payments authority.

Reclaim Trade Powers Act

This bill repeals the statute that directs the President to take certain actions, such as imposing a tariff of up to 15% for up to 150 days on articles imported into the United States, when necessary to address large and serious U.S. balance-of-payments deficits or certain other situations that present fundamental international payments problems.