S. 4049 · Where this bill is now
In committee
Introduced in the Senate, Mar 11, 2026
What this bill does
In plain words · AI-written from the official summaryEliminates presidential tariff authority for trade deficits
This bill would remove a law that currently gives the President power to impose temporary tariffs (taxes on imports) of up to 15% for up to 150 days when the U.S. has large balance-of-payments problems. Balance-of-payments refers to the difference between what the country imports and exports. By repealing this statute, the bill would take away the President's authority to use tariffs in these specific situations.
How it affects you
This change would mostly affect trade policy and international commerce at a government level. If you're a consumer or business that buys imported goods, it could matter if a President might have used these tariffs in response to trade imbalances—but the summary doesn't explain clearly how everyday people would feel the difference.
Read the official summary (Introduced in Senate, Mar 11, 2026)
Reclaim Trade Powers Act
This bill repeals the statute that directs the President to take certain actions, such as imposing a tariff of up to 15% for up to 150 days on articles imported into the United States, when necessary to address large and serious U.S. balance-of-payments deficits or certain other situations that present fundamental international payments problems.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
2nd SessionS. 4049
A BILL
Reclaim Trade Powers Act
Sponsor: Sen. Tim Kaine (D-VA) · Introduced Mar 11, 2026 · Foreign Trade and International Finance · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 11, 2026: “Read twice and referred to the Committee on Finance.”