Title: Repeal Tariffs to Reduce Inflation Act of 2022
Policy area: Foreign Trade and International Finance

Summary:
Repeal Tariffs to Reduce Inflation Act of 2022
This bill requires the Department of the Treasury to report to Congress on the inflationary impact of tariffs and other trade restrictions (including impacts due to the expiration of preferential trade programs) for the period beginning on January 1, 2018, and ending on the date of this bill's enactment.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7985 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7985

  To require the Secretary of the Treasury to submit a report on the 
    inflationary impact of certain tariffs, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 8, 2022

    Mrs. Murphy of Florida introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To require the Secretary of the Treasury to submit a report on the 
    inflationary impact of certain tariffs, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Repeal Tariffs to Reduce Inflation 
Act of 2022''.

SEC. 2. INFLATIONARY IMPACT REPORT.

    (a) In General.--Not later than 60 days after the date of the 
enactment of this Act, the Secretary of the Treasury, in coordination 
with the United States Trade Representative, the Secretary of Commerce, 
and the International Trade Commission, and in consultation with the 
heads of other relevant Federal departments and agencies, shall submit 
to the Committee on Ways and Means of the House of Representatives and 
the Committee on Finance of the Senate a report on the inflationary 
impact of changes to the tariff rates applied to articles imported into 
the United States and of other United States trade restrictions imposed 
during the period beginning on January 1, 2018, and ending on the date 
of the enactment of this Act, including due to the expiration of 
preferential trade programs during such period. The report shall 
specifically include the assessment of the Secretary of the Treasury of 
the inflationary impact during such period of the following:
            (1) Tariffs and other trade restrictions imposed pursuant 
        to the authority provided by section 301 of the Trade Act of 
        1974 (19 U.S.C. 2411).
            (2) Tariffs and other trade restrictions imposed pursuant 
        to section 201 of the Trade Act of 1974 (19 U.S.C. 2251).
            (3) Tariffs and other trade restrictions imposed pursuant 
        to section 232 of the Trade Expansion Act of 1962 (19 U.S.C. 
        1862).
            (4) The expiration of the Generalized System of Preferences 
        program on December 31, 2020 (authorized under 19 U.S.C. 2461 
        et seq.).
    (b) Basis for Impact Modeling.--The estimates of inflationary 
impacts included in the report required by subsection (a) should 
reflect both--
            (1) the direct impact of tariffs and other trade 
        restrictions on the landed cost of imported merchandise; and
            (2) the competitive impact of tariffs and other trade 
        restrictions on the price of domestic merchandise that can 
        substitute for imports.
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