Presidential proclamations based wholly or partly on a law addressing foreign trade discrimination would lose effect, and covered import taxes would be refunded.
The proposal would remove a presidential power to respond to foreign trade discrimination and cancel proclamations based wholly or partly on that power.
The President would have to arrange refunds of import taxes imposed and collected before, on, or after the bill becomes law because of proclamations or other actions based wholly or partly on Section 338.
Congress would remove Section 338 and cancel presidential proclamations based wholly or partly on it. This covers Section 338 of the Tariff Act of 1930, concerning foreign trade discrimination, and presidential proclamations issued under it. A proclamation would lose effect even if Section 338 supplied only part of its legal basis.
The President would have to take the steps needed to refund covered import taxes. Refunds would cover tariffs and other import duties tied to Section 338 of the Tariff Act of 1930. Section 338 must supply all or part of the legal basis for the proclamation or other action that caused the taxes. No deadline for arranging refunds is stated.
No hearings or votes scheduled.