ANTE Act
Sponsored By: Senator Jim Banks
Introduced
Summary
Blocking tariff evasion via third-country investments. This bill would let the United States Trade Representative investigate companies tied to nonmarket economy countries and impose duties on goods made in third countries to stop avoidance of section 301 tariffs.
Show full summary
- U.S. manufacturers and workers: Could face less unfair competition because imports produced in third countries by targeted firms could be hit with duties at least equal to the original section 301 duty.
- Covered entities and investors: Entities owned, controlled by, or subject to the direction of a nonmarket economy country would be subject to inquiries if 25% or more of equity is held by that country, and could face duties on third-country production.
- Enforcement process and triggers: The Trade Representative could self-initiate inquiries or accept requests from interested persons or Congress, must decide within 45 days whether a request warrants inquiry, and would aim for an affirmative determination within 180 days when the investment is producing or planned.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
New USTR power to target investments
If enacted, the U.S. Trade Representative would be able to investigate companies that set up or plan third-country investments to avoid Section 301 duties. After a finding, the Trade Representative could impose duties on goods made by that company in the third country. The duty would have to be at least as large as the Section 301 duty on the same product. The Trade Representative must decide within 45 days whether a request needs an inquiry, and within 180 days after opening an inquiry to make a determination when the investment is producing or planning production. The President could give specific direction. Any measure would last while the Section 301 duty stays in force or while the nonmarket country controls the investment, whichever ends first.
Which firms and countries are covered
If enacted, an entity would be a 'covered entity' if 25% or more of its equity was held, directly or indirectly, by entities from a nonmarket economy country on any date in the last 12 months. That 25% test would include co-investment vehicles, joint ventures, derivatives, or contracts that copy returns. The bill would define 'control' by using the meaning in 31 CFR 800.208 as of enactment. A 'nonmarket economy country' would have to meet two tests: be designated under the Tariff Act and be on the Special 301 Priority Watch List.
Federal agencies must share information
If enacted, heads of federal agencies would have to give the Trade Representative any relevant agency information it asks for to carry out an inquiry under this section. The duty would be triggered when the Trade Representative requests the information. This requirement would take effect at enactment.
Sponsors & CoSponsors
Sponsor
Jim Banks
IN • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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