Today, Congressman Brad Wenstrup (R-OH) and Congressman Mike Thompson (D-CA) introduced the FAIR TARIFF Act to improve how the United States Trade Representative (USTR) administers tariffs. This legislation would give U.S. companies fair warning of at least 60 days before retaliatory tariffs are imposed on goods.
"This bill will provide clarity and certainty for U.S. companies, so they are not surprised with a large tax bill on goods they ordered before tariffs were even announced," said Rep. Brad Wenstrup (R-OH). "Increasing tariffs is one tool we have to compel foreign governments to end unfair trade practices. This legislation ensures that when the U.S. uses this powerful tool, our tariffs target foreign producers, as intended, rather than U.S. importers."
"When tariffs are imposed on goods in transit, American importers are hurt," said Rep. Mike Thompson (D-CA). "The Fair Tariff Act will ensure that any penalties are enforced on foreign exporters, rather than American importers. I am proud to introduce this bipartisan bill with Reps. Wenstrup and Sewell to ensure that American companies do not pay any penalties for having goods in transit when tariffs are imposed."
"If tariffs must be used, we should do what we can to protect American businesses, manufacturers, and jobs from the negative impact. In a globalized economy, giving small businesses ample notice of tariffs on their imported inputs is essential," said Rep. Adrian Smith (R-NE), Lead Republican on the Ways and Means Trade Subcommittee. "The Fair Tariff Act is a commonsense measure to better equip U.S. importers to make purchasing decisions. The bill would also ensure USTR cannot rush to implement tariffs without giving U.S. companies adequate time to prepare while also rectifying instances these tariffs have negatively impacted American businesses. I thank Rep. Wenstrup for his work on this important bill."
"Alabama workers and consumers deserve to have trade laws that are balanced and fair," said Rep. Terri Sewell (D-AL). "The bipartisan Fair Tariff Act is a common sense bill that modernizes our trade laws to ensure that tariffs are not placed on goods already in transit. As a member of the Ways and Means Committee I will continue to advocate for the Fair Tariff Act and other legislation that creates a more equitable trading system."