S. 5397, Trade Authority Repeal with Retroactive Refunds. Quorum's AI analysis reads it as a trade-off: gains for some, costs for others.
S. 5397 · Mixed
What it does
This bill repeals Section 338 of the Tariff Act of 1930, which authorizes the President to impose tariffs in response to foreign trade discrimination. It voids all presidential proclamations issued under that authority and requires the government to refund all tariffs collected under Section 338 since its enactment. The practical effect is to eliminate a major presidential tool for unilateral trade retaliation and return billions in collected duties to importers.
The analysis names import-dependent retailers and distributors — and 2 more groups — among the beneficiaries.
The trade-off
Retroactive refund obligation could total tens of billions of dollars depending on tariff collection history under Section 338, creating a major unbudgeted fiscal liability.
The analysis put a high warning level on this bill. Transparency scores 40%, and the analysis found no provisions unrelated to the bill's subject.
Who is behind it
Filed by Kirsten Gillibrand. Cosponsored by Amy Klobuchar, Jacky Rosen and Peter Welch.
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