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.

Legislation targets permanent normal trade relations designation, which was conferred in 2000 ahead of China's joining the WTO Republicans in the US Congress introduced legislation on Thursday to repeal China's preferential trade status that it has held for over two decades,