US SB998

Authorizes the President to negotiate and enter into "trusted trade partner agreements" with foreign countries for reciprocal elimination of duties and import restrictions on medical goods, including medical devices, pharmaceuticals, and their inputs

Establishes criteria for selecting trade partners, including demonstrated commitment to maintaining open medical trade during public health emergencies, adherence to existing trade agreements, protection of intellectual property rights, and adoption of good regulatory practices

Requires 60-day advance notice to Congress before initiating negotiations and provides Congress with a review period of 30-120 days to potentially disapprove agreements through joint resolution before they take effect

Agreements may cover tariff elimination, regulatory harmonization, increased government procurement access, intellectual property protections, research collaboration frameworks, and exemptions from trade restrictions during public health emergencies

Directs the U.S. Trade Representative to monitor partner compliance and authorizes the President to suspend agreements, negotiate compensatory benefits, or take other enforcement actions within 15 days if partners fail to meet their obligations