A bill to authorize the extension of nondiscriminatory treatment (normal trade relations treatment) to products of certain countries.
Summary
S. 3103, introduced November 2025, authorizes the President to extend normal trade relations to nearly all countries except Belarus, Cuba, and North Korea. This early-stage bill is stalled in the Senate Finance Committee with no further actions reported. Real market data shows $WMT at $128.01, $TGT at $127.87, and $AAPL at $270.17 as of 2026-04-30, with no discernible price reaction to this procedural bill.
See which stocks are affected
Key takeaways, market implications, full AI analysis, and connected signals are available to HillSignal members.
Already have an account? Log in
Key Takeaways
- 1.S. 3103 is an early-stage authorization bill that has been stalled in committee since November 2025 with zero further actions
- 2.The bill would provide presidential discretion to extend NTR to covered countries, potentially reducing import costs for retailers and manufacturers
- 3.No near-term market impact expected as bill has no legislative momentum and the President already has waiver authority under existing law
Market Implications
The bill is currently a non-event for markets. $WMT trades at $128.01 within 95% of its 52-week high of $134.69; $TGT sits at $127.87 near its 52-week high of $133.10; at $270.17 is 6.4% below its 52-week high of $288.62. Recent 7-day declines of 3.04% for WMT and 1.19% for AAPL suggest profit-taking after strong 30-day moves, not any bill-related catalyst. Should the bill gain unexpected committee attention, the market impact would be gradual and limited, as the tariff savings are already achievable through existing presidential waiver authority.
Full Analysis
S. 3103 was introduced in the 119th Congress on November 4, 2025, by Senator Daines (R-MT) with five cosponsors. The bill would authorize the President to terminate application of the Jackson-Vanik amendment to covered countries (all except Belarus, Cuba, and North Korea), thereby permitting extension of normal trade relations (NTR) treatment to their products. This is an authorization bill only — it does not allocate funds or mandate action; it simply grants the President discretionary authority. The bill was read twice and referred to the Senate Committee on Finance on the same day it was introduced, and no additional actions have occurred in the six months since. A companion bill, HR 5917, has been introduced in the House and referred to the Committee on Ways and Means, but likewise has seen no further movement. The legislative path forward requires committee markups, floor votes in both chambers, and presidential signature. With no recorded hearings, markups, or votes, the bill has effectively stalled. For importers like $WMT, $TGT, and , the bill represents a potential future reduction in tariff costs on goods from countries currently subject to Jackson-Vanik restrictions. However, the President already has waiver authority under the existing Trade Act; this bill would simplify the process by removing annual Congressional review requirements. Real market data as of April 30, 2026, shows $WMT at $128.01 (up 3.65% over 30 days), $TGT at $127.87 (up 7.65% over 30 days), and at $270.17 (up 9.54% over 30 days). These 30-day increases reflect broader market conditions rather than any legislative catalyst from this stalled bill.
Intelligence Surface
Cross-referenced against federal contracts, SEC insider filings & congressional trade disclosures
Some confirming evidence found across public data sources
What the bill does
Termination of Jackson-Vanik amendment application to covered countries, authorizing the President to extend normal trade relations (NTR) treatment
Who must act
President of the United States, acting under authority of the Trade Act of 1974
What happens
Reduction of import duties on products from nearly all nonmarket economy countries (excluding Belarus, Cuba, North Korea) to normal trade relations rates, lowering landed costs for imported consumer goods
Stock impact
Walmart's cost of goods sold (COGS) for imported consumer goods from covered countries would decrease by the applicable tariff margins, potentially improving gross margins in its international procurement segment, which sources a significant portion of merchandise from nonmarket economies
What the bill does
Termination of Jackson-Vanik amendment application to covered countries, authorizing the President to extend normal trade relations (NTR) treatment
Who must act
President of the United States, acting under authority of the Trade Act of 1974
What happens
Reduction of import duties on products from nearly all nonmarket economy countries (excluding Belarus, Cuba, North Korea) to normal trade relations rates, lowering landed costs for imported consumer goods
Stock impact
Target's procurement costs for imported general merchandise from covered countries would decline by the tariff differential, directly reducing COGS and improving gross margin on a broad portion of its product assortment
Connected Signals
Matched on shared policy language across AI analyses, with ticker & timing weight
Improve and Enhance the Work Opportunity Tax Credit Act
Guaranteeing Overtime for Truckers Act
To nullify the Presidential Proclamation relating to Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems, and for other purposes.
Healthy Families Act
Buying American Cotton Act of 2026
Stop Price Gouging in Grocery Stores Act of 2026
Child and Dependent Care Tax Credit Enhancement Act of 2025
To amend the Internal Revenue Code of 1986 to establish a refundable childhood education tax credit with monthly advance payments.
Related Presidential Actions
Executive orders & memoranda affecting the same sectors or companies
National Homeownership Month, 2026
This proclamation formalizes National Homeownership Month and details several ongoing or proposed policy actions: Fannie Mae and Freddie Mac are directed to purchase $200 billion in mortgage-backed securities to lower borrowing costs; an executive order bans large institutional investors from buying single-family homes; and the Administration calls on Congress to pass the 21st Century ROAD to Housing Act to make these reforms permanent. The action also reaffirms efforts to restrict taxpayer-backed loans to only law-abiding citizens, targeting fraud and illegal immigration as a means to improve housing affordability.
Restoring American Commercial Fishing in the Pacific
This proclamation reverses prior national monument fishing bans in the Pacific by reopening hundreds of thousands of square miles of waters in Papahānaumokuākea Marine National Monument, Mariana Trench Marine National Monument, and Rose Atoll Marine National Monument to commercial fishing. It directs the Secretary of Commerce to amend or repeal inconsistent regulations, allows only US-flagged vessels to fish commercially (with limited permits for foreign transport vessels), and reaffirms that all fishing remains subject to existing federal conservation laws such as the Magnuson-Stevens Act, Endangered Species Act, and Marine Mammal Protection Act.
Strengthening Customs Enforcement
This executive order directs the Secretary of Homeland Security to revise customs enforcement regulations within 180 days, requiring importers of record (IORs) to maintain minimum tangible domestic assets or bonding, disclose ownership and business affiliations, and maintain good standing with CBP. It prohibits foreign IORs from filing informal entries for low-value articles and imposes additional bonding and CTPAT validation requirements for foreign IORs on formal entries, aiming to enhance compliance and revenue collection.