A bill to provide for the imposition of a surcharge duty on products imported from foreign countries under certain conditions, and for other purposes.
Trade Enhancement Act of 1985 - Imposes a surcharge duty on imports from Japan if the United States had a deficit in its bilateral merchandise trade with Japan of more than $4,250,000,000 for the most recent calendar quarter.
Authorizes the President to impose a surcharge duty on imports from any other country if: (1) the United States had a deficit in its bilateral merchandise trade with such country that exceeded a specified amount for the most recent quarter; and (2) the President determines, after consultation with the U.S. Trade Representative (USTR), that such country is or has, within the most recent calendar quarter, engaged in unfair traced practices.
Requires the USTR to determine the quarterly trade balance of each country other than Japan.
Requires the amount of a surcharge duty to be determined at the start of each quarter. Sets forth the formula for determining the amount of such surcharge.
Directs the Secretary of Commerce to calculate and publish the bilateral merchandise trade figures for the United States with respect to trade with each foreign country. Excludes from such calculation products which are sold to a government or private entity of a foreign country and then resold to the government of another country or to a private entity located in another country within two fiscal years.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, International Trade Commission, Office of the U.S. Trade Representative, Treasury Department, State Department, Commerce Department.
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