S. 4049 — Reclaim Trade Powers Act

This section repeals section 122 of the Trade Act of 1974 (19 U.S.C. 2132), which authorized the President to proclaim, for a period not exceeding 150 days, temporary import surcharges not to exceed 15 percent ad valorem, temporary quotas, or both on imports to address fundamental international payments problems (i.e., balance-of-payments deficits, dollar depreciation risks, or international disequilibria). It also strikes the related table of contents entry and makes a conforming amendment to section 127(b).