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 targets permanent normal trade relations designation, which was conferred in 2000 ahead of China’s joining the WTO.

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,