House Introduces Countering Economic Coercion Companion Bill
A bipartisan group of House members introduced a bill this week that could strengthen the U.S. ability to respond to economic coercion by foreign countries. The bill, which was introduced in the Senate earlier this month (see 2302080068), would allow the president to lower duties on non-import-sensitive goods made by a country that lost exports due to coercive actions; increase duties on imports from the "foreign adversary" committing the coercion; and allow the U.S. to more easily facilitate trade, including exports, with the coerced parties.
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China has “repeatedly used economic coercion against United States allies and partners to shape their policies or exact retribution in response to sovereign decisions Beijing does not like,” Reps. Gregory Meeks, D-N.Y.; Tom Cole, R-Okla.; and Ami Bera, D-Calif., said in a news release introducing the House’s companion legislation. “The Countering Economic Coercion Act of 2023 will provide the President new authorities to respond quickly to these malicious activities, providing tools to both support our allies and partners targeted by economic coercion and to inflict consequences on those employing these tactics.”