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

Legislation to revoke China’s Permanent Normal Trade Relations was introduced Thursday by a bipartisan pair of House lawmakers, building on a Republican effort last year to repeal Beijing’s preferential trade status.

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,