Reclaim Trade Powers Act

This legislation, known as the "Reclaim Trade Powers Act," aims to significantly alter presidential trade authority by repealing a specific section of the Trade Act of 1974. Specifically, it targets Section 122, which currently grants the President the power to impose certain import surcharges. The primary purpose of these surcharges was to address national balance of payments deficits . By eliminating this authority, the bill would restrict the executive branch's ability to unilaterally implement such measures, thereby removing a key tool for managing international trade imbalances and shifting more control to Congress.