The ship Hammersmith Bridge (foreground) which has just arrived from Shanghai in China, unloads Chinese shipping containers at the Port of Long Beach, in Los Angeles County, on Sept 29, 2018. (MARK RALSTON / AFP)

WASHINGTON - The US National Foreign Trade Council (NFTC) on Wednesday announced the formation of the Tariff Reform Coalition that will work with lawmakers to ensure greater congressional oversight and review of presidential use of tariff authority.

"Not since the 1930s has our country relied so heavily on tariffs in an attempt to pick winners in the US market while overlooking the broader consequences for other industries and our economy as a whole," NFTC President Rufus Yerxa said in a statement.

It is clear that many of the Administration's tariff actions over the past two years have had significant collateral effects on domestic prices and have led to extensive retaliation against our exports

 Tariff Reform Coalition

"The Constitution explicitly gives Congress the power to regulate commerce. We believe it is time for Congress to reassert its authority to ensure that tariffs are only used in limited circumstances and only where there is broad consensus between the two branches that such exceptional action is in our overall national interest," Yerxa said.

The Tariff Reform Coalition, which includes leading auto, retail, agro-food and manufacturing associations, will work with Congress to craft legislation that will restore the longstanding balance between Congress and the executive branch in devising the US trade policy, according to the NFTC.

In a letter to senior lawmakers at the Senate Finance Committee and House Ways and Means Committee on Wednesday, the coalition urged both committees to consider "a robust congressional review" of US trade policy.

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"It is clear that many of the Administration's tariff actions over the past two years have had significant collateral effects on domestic prices and have led to extensive retaliation against our exports," the letter read.

"We believe Congress should strongly consider revisions designed to clarify the circumstances in which Executive action is justified under these statutes and to introduce appropriate Congressional review prior to implementation of new tariffs," according to the letter.

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"The longstanding balance between Congress and the Executive Branch in managing US trade policy is crucial to our economic well-being," the coalition said, warning that the broader national economic interests would "inevitably suffer" if this balance is upset.

"We look forward to working with you in the coming months to craft a legislative response that will establish the appropriate balance on tariff authority and enjoy broad bipartisan support," said the coalition.