Countering Economic Coercion Act of 2022
This bill authorizes the President to take certain actions to assist foreign trading partners affected by economic coercion. Economic coercion refers to actions or threats undertaken by a foreign adversary to restrain, obstruct, or manipulate trade, foreign aid, investment, or commerce with the intent to cause economic harm or influence sovereign political actions.
Specifically, the bill authorizes the President (upon a determination that a foreign trading partner is subject to economic coercion) to exercise specified authorities to support or assist the foreign trading partner. These authorities include, among others, decreasing duties or modifying tariff-rate quotas on imports from the foreign trading partner, requesting appropriations for foreign aid, and expediting export licensing decisions and regulatory processes.
The President must consult with Congress prior to exercising any authority. Additionally, the President must publish notice in the Federal Register related to the exercise of such authority.
Any determination of economic coercion must be revoked at the earliest of (1) two years from the date of determination, (2) upon a joint resolution of Congress, or (3) when the President revokes the determination.
The bill also directs the President to endeavor to coordinate with other foreign trading partners to broaden economic support for the foreign trading partner.