S. 5390

End Trump’s Tariff Tax Act

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Text of the bill

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Sec. 3. Repeal of balance-of-payments authority

(a) In general. Section 122 of the Trade Act of 1974 (19 U.S.C. 2132) is repealed.

(b) Clerical amendment. The table of contents for the Trade Act of 1974 is amended by striking the item relating to section 122.

(c) Conforming amendment. Section 127(b) of the Trade Act of 1974 (19 U.S.C. 2137(b)) is amended, in the matter preceding subparagraph (A), by striking (and from any action under section 122(c)).

(d) Effective date; termination of duties

(1) Effective date. The amendments made by this section shall take effect on August 1, 2026.

(2) Termination of duties. Any duties imposed under section 122 of the Trade Act of 1974 before the date of the enactment of this Act shall have no force or effect on or after that date.