Washington: A U.S. Republican congresswoman has introduced legislation requiring the president to notify Congress and provide a detailed report on the economic and security objectives of new tariffs 48 hours before they take effect.
According to Yonhap News Agency, Rep. Young Kim (R-CA), a Korean American lawmaker, has put forward the Reviewing Economic and Protection Objectives for the Reciprocal Tariffs Act (REPORT) Act. This comes as President Donald Trump has announced several tariffs, raising concerns about potential price increases and slower economic growth.
The proposed bill mandates that the president must notify Congress and submit a “justification” report concerning any tariff changes two days prior to their implementation. Additionally, it requires the U.S. Trade Representative to testify before relevant committees when new tariffs are enacted. The intention behind the bill is to apply these requirements to future administrations, irrespective of their political affiliations, according to Kim’s office.
Kim emphasized that while tariffs can be a vital strategic tool to balance trade between the United States and other nations, prolonged tariffs may act as a tax, increasing prices and affecting the financial stability of American families and small businesses. She stated, “The American people deserve certainty, which is why I’m proud to lead the REPORT Act to ensure the executive branch is transparent with the American people on the intended economic and security objectives behind enacting tariffs, especially in the long-term.”
Rep. Jeff Hurd, a Republican from Colorado, has joined as an original cosponsor of the bill.