The bill would “suspend normal trade relations” with China and increase tariffs on all Chinese exports to the United States to at least 35 percent.

U.S. lawmakers introduced a bipartisan bill on Thursday that would revoke China's preferential trade status with the United States, phase in steep tariffs and end the "de minimis" exemption for low-value Chinese imports.

The complementary House and Senate bills would also strip the superpower of the tariff and de minimis benefits it has enjoyed as a "most favored nation."

A bipartisan pair of US House lawmakers have introduced a bill aimed at revoking China's Permanent Normal Trade Relations (PNTR) status.The legislation introduced on Thursday builds on prior Republican efforts to repeal Beijing's preferential trade status,