Sec. 4. Trade deficit reduction
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Not later than 60 days after the date of the enactment of this Act, and monthly thereafter, the Department of Commerce shall identify each country from which the value of goods and services imported into the United States exceeds twice the value of goods and services that are products of the United States that are exported from the United States to that country. For purposes of the calculations described in this section, the Department of Commerce shall use the goods and services trade deficit data compiled by the United States International Trade Commission, specifically— U.S.
Imports for Consumption data, in the case of imports; and U.S. Domestic Exports data, in the case of exports. For purposes of this subsection, the term country does not include a country that is identified on the most recent List of Least Developed Countries published by the United Nations Committee for Development Policy. In the case of a country which is identified under subsection
(a)for six consecutive months, U.S. Customs and Border Protection shall bar the importation of products from a country identified under subsection (a), other than those granted a waiver under subsection (c), beginning 180 days after the date on which a determination is made under subsection
(a)until such time that— such country is no longer identified under subsection (a); or the President has provided written notice to Congress of the President’s intention to enter into negotiations with such country to enter into a trade agreement, or changes to an existing trade agreement, with such country pursuant to section 105(a)(1)(A) of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 ( 19 U.S.C. 4204(a)(1)(A) ). A manufacturer, producer, or wholesaler in the United States may apply to the Department of Commerce to allow the importation of a product from a country identified under subsection (a), which the Department of Commerce shall grant— if it is shown that such product is not available in sufficient quantities from other sources; and for a period not to exceed one year.
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Sec. 4
Trade deficit reduction
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