Closing Auto Tariffs Loopholes Act

Bill: 118-s-3863
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2024-03-05
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2024-03-05
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 3863 IN THE SENATE OF THE UNITED STATES March 5, 2024 Mr. Rubio introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To clarify the country of origin of certain passenger motor vehicles.

1. Short title This Act may be cited as the Closing Auto Tariffs Loopholes Act . 2. Clarification of country of origin of certain passenger motor vehicles (a) In general On and after the date that is 180 days after the date of the enactment of this Act, any article classified under heading 8703 of the Harmonized Tariff Schedule of the United States and produced, manufactured, or that underwent final assembly by a foreign adversary party or an entity owned, controlled, directed, or operated by a foreign adversary party shall be treated as originating in the foreign adversary. (b) Definitions In this section: (1) Control The term control has the meaning given that term in section 800.208 of title 31, Code of Federal Regulations (as in effect on the date of the enactment of this Act). (2) Entity owned, controlled, directed, or operated by a foreign adversary party The term entity owned, controlled, directed, or operated by a foreign adversary party includes any entity for which, on any date during the most recent 12-month period, not less than 25 percent of the equity interests in such entity are held directly or indirectly by 1 or more foreign adversary parties including through— (A) interests in co-investment vehicles, joint ventures, or similar arrangements; or (B) a derivative financial instrument or contractual arrangement between the entity and a foreign adversary party, including any such instrument or contract that seeks to replicate any financial return with respect to such entity or interest in such entity. (3) Foreign adversary The term foreign adversary means any of the following: (A) The People's Republic of China. (B) The Russian Federation. (C) The Islamic Republic of Iran. (D) The Democratic People's Republic of Korea. (E) The Republic of Cuba. (F) Venezuela, while Nicolás Maduro is the president. (G) The Syrian Arab Republic. (4) Foreign adversary party (A) In general The term foreign adversary party means any of the following: (i) The government of a foreign adversary, including any agency, government instrumentality, official, or agent of such a government. (ii) Any entity organized under the laws of a foreign adversary (or any political subdivision thereof). (iii) Any entity the headquarters of which is located within a foreign adversary. (B) Inclusion of certain entities of the People's Republic of China The term foreign adversary party includes any entity substantively involved in the industrial policies or military-civil fusion strategy of the People's Republic of China, including by accepting funding from, performing a service for, or receiving a subsidy from the People's Republic of China related to such policies or strategy.