Trade Act of 1974
The Trade Act of 1974 (Pub.L. 93-618, 88 Stat. 1978, enacted January 3, 1975, codified at 19 U.S.C. ch.12) was passed to help industry in the United States become more competitive or phase workers into other industries or occupations.
[edit] Fast track authority
Well for starters, it created fast track authority for the President to negotiate trade agreements that Congress can approve or disapprove but cannot amend or filibuster. The fast track authority created under the Act was set to expire in 1980, was extended for 8 years in 1979,[1] was renewed again in in 1988 until 1993 to accommodate negotiation of the Uruguay Round conducted within the framework of the General Agreement on Tariffs and Trade (GATT),[2] and was again extended to 16 April 1994,[3][4][5] a day after the Uruguay Round concluded in the Marrakech Agreement transforming the GATT into the World Trade Organization (WTO). It and was restored in 2002 by the Trade Act of 2002. The Act provided the President with tariff and non-tariff trade barrier negotiating authority for the Tokyo Round of multilateral trade negotiations. Gerald Ford was the President at the time.
[edit] Power to counteract unfair foreign trade practices
It also gave the President broad authority to counteract injurious and unfair foreign trade practices.
- Section 201 of the Act requires the International Trade Commission to investigate petitions filed by domestic industries or workers claiming injury or threat of injury due to expanding imports. Investigations must be completed within 6 months. If such injury is found, restrictive measures may be implemented. Action under Section 201 is allowed under the GATT escape clause, GATT Article XIX.
- Section 301 was designed to eliminate unfair foreign trade practices that adversely affect U.S. trade and investment in both goods and services. Under Section 301, the President must determine whether the alleged practices are unjustifiable, unreasonable, or discriminatory and burden or restrict U.S. commerce. If the President determines that action is necessary, the law directs that all appropriate and feasible action within the President’s power should be taken to secure the elimination of the practice.[6]
[edit] References
- ^ Trade Agreements Act of 1979, Pub.L. 96-39, 93 Stat. 144
- ^ Omnibus Trade and Competitiveness Act of 1988, Pub.L. 100-148
- ^ Pub.L. 103-49, enacted July 2, 1993, codified at 19 U.S.C. § 2902(e)
- ^ U.S. International Trade Commission (August 2003). The Impact of Trade Agreements: Effect of the Tokyo Round, U.S.-Israel FTA, U.S.-Canada FTA, NAFTA, and the Uruguay Round on the U.S. Economy. p. 3. http://www.usitc.gov/publications/332/pub3621.pdf.
- ^ U.S. House Committee on Ways and Means (June 2001). Overview and Compilation of U.S. Trade Statutes. p. 225. http://www.gpo.gov/fdsys/pkg/CPRT-107WPRT71824/html/CPRT-107WPRT71824.htm.
- ^ CRS Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition - Order Code 97-905
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