If China's military attacks Taiwan, this bill says the United States will stop a special agreement with China about taxes. The President and the Treasury boss have to tell China and certain people in the U.S. government if this happens.

S. 5043 is like a rule that tells different government groups they need to talk to each other and check their lists when they decide someone isn't allowed to do certain things, like travel or trade. They have to do this in a few months and then tell the big boss people if they're following the rules.

Imagine a rule called Sarah's Law. It says that if someone from another country gets in trouble for hurting someone badly in the U.S., then special police called ICE have to make sure that person stays with them and tell the person who got hurt or their family what's happening.