U.S. House passes trade legislation
H.R. 4521, the America COMPETES Act of 2022 was passed by the U.S. House of Representatives
U.S. House passes H.R. 4521, the America COMPETES Act of 2022
The U.S. House of Representatives today passed H.R. 4521, the America COMPETES Act of 2022—legislation that includes provisions addressing the United States-China trading relationship as well as other general trade measures.
House passage is just one step in the legislative process. The bill must be passed by the Senate and signed by the president before it can become law. Previously, the Senate in June 2021 approved legislation—S. 1260 the “United States Innovation and Competition Act (USICA)”—addressing similar supply chain and competition issues. Read TradeNewsFlash
Read text [PDF 6.1 MB] of the bill.
The trade title of the bill—the American Worker and Trade Competitiveness Act—includes provisions that would:
- Reauthorize and modernize Trade Adjustment Assistance (TAA) programs
- Extend and reform the Generalized System of Preferences (GSP) by adding a new environmental requirement and updating the labor criteria to align with trade agreements
- Extend the Miscellaneous Tariff Bill (MTB) legislation and eliminate or reduce duties on certain imports
- Strengthen U.S. international trade laws to prevent “unfairly traded goods” from exploiting the de minimis import threshold
- Authorize the U.S. Trade Representative (USTR) to take strategic steps to improve supply chain resiliency
- Strengthen U.S. anti-dumping and countervailing duty laws to protect U.S. workers and to address China’s anti-free market trade practices that distort the global market
- Reaffirm the U.S. government’s commitment to the World Trade Organization (WTO)
- Allow U.S. Customs and Border Protection (CBP) to update its staffing model “to better respond to the challenges of the modern trading system”
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal T: 612-305-5533 E: jlibby@kpmg.com |
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.