109 HR 4405 IH: Balancing Trade Act of 2005 U.S. House of Representatives 2005-11-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 4405 IN THE HOUSE OF REPRESENTATIVES November 18, 2005 Ms. Kaptur (for herself, Mr. Costello, Mr. DeFazio, Mr. Duncan, Mr. Everett, Mr. Gordon, Mr. Grijalva, Mr. Hunter, Mr. Jones of North Carolina, Mr. Smith of New Jersey, Mr. Taylor of Mississippi, and Mr. Fattah) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To require that, in cases in which the annual trade deficit between the United States and another country is $10,000,000,000 or more for 3 consecutive years, the President take the necessary steps to create a more balanced trading relationship with that country.

1.

Short title

This Act may be cited as the Balancing Trade Act of 2005.

2.

Action by the President in cases of large consecutive annual trade deficits with other countries

(a)

Action by the President

If in 3 consecutive calendar years the United States has a trade deficit with another country of $10,000,000,000 or more, the President shall take the necessary steps to create a trading relationship with the country that would eliminate or substantially reduce that trade deficit, by entering into an agreement with that country or otherwise. (b)

Definition

In this section, the term trade deficit means, with respect to the United States and another country, that the value of goods and services that are products of that country and are imported into the United States from that country exceeds the value of goods and services that are products of the United States and are exported from the United States to that country. (c)

Reports

(1)

Initial report

Not later than 3 months after the date of the enactment of this Act, the President shall submit to the Congress a report setting forth— (A)the likely reasons for the trade deficits with each country to which subsection (a) applies, as of the date of the report; and (B)the steps the President intends to take under subsection (a) with respect to each such country. (2)

Annual reports

The President shall submit to the Congress, not later than December 31 of each year, a report on actions taken to carry out this section.